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The study aims to evaluate the financial distress position of selected sample banks in India. The top 10 banks with the highest levels of gross non-performing assets (NPA) under both public and private sector ownerships have been chosen for the study. Application of the Altman Z-score model has been used to compare both ownership banks’ financial distress for five years from 2017 to 2021. Based on the study’s findings, it was found that private sector banks demonstrated better financial stability than their public sector counterparts. Specifically, the average Z-score of the selected sample banks was higher than the safe zone threshold of 2.9 during the study period.