This paper offers an insight into the effectiveness of economic policy reforms in the Indian Banking System by examining the efficiency benefits of mergers among Scheduled Commercial Banks in India over the post-reform period 1991-92 to 2004-05. It does this by using the methodology developed by Bogetoft and Wang (2005). We also provide a metric for judging the success or failure of a merger. Overall, we find that bank mergers in the post reform period possessed considerable potential efficiency gains stemming from harmony gains. Post merger efficiency analysis of the merged bank with a control group of non-merging banks reveals an initial merger related efficiency advantage for the former that, while persistent, did not show a sustained increase thus failing to provide the merging banks with a competitive advantage vis-à-vis their non-merging counterparts. To-date there have been relatively few studies focusing on the mergers and acquisitions scenario in India and even fewer focusing on the efficiency benefits of mergers involving SCBs. This paper addresses this current weakness in the literature