A key role of mergers and acquisitions (M&A) is to help businesses grow rapidly in competitive markets. Foreign companies entering the Indian market have made it tough for small businesses. Using mergers and acquisitions (M&A) and restructuring has become a standard practice to ensure a company’s survival, advancement, and competitiveness. A significant number of bank mergers have occurred in India over the past decade, prompting many to wonder whether they have been efficient in adding value for bank owners. The analysis pairs four public sector banks post-merger—SBI, PNB, BOB, and Canara Bank—with four other public sector banks that did not merge—IOB, UCB, BOI, and CBI—all based on their market capitalization. To measure organic growth, Current Ratio, Advance to Deposit Ratio, NPA to Advance Ratio, Capital Adequacy Ratio, Operating Profit Ratio, Net Profit Ratio, Interest Coverage Ratio, EPS, and Dividend Payout Ratio are reviewed. We analyze inorganic growth using the Standard Event Study Methodology in a period from −200 to +30 days. Financial and operational results were better for merged banks than for non-merged banks following the merger. Although the AR and CAR results for mergers were mainly positive, they did not reach a level of statistical significance. Each merged bank displayed sound financial performance based on its Altman Z-score (>2.6). Overall, M&As help shareholders, and yet banks that haven’t merged take care of the remaining issues proactively.