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Governance is the word that carries a lot of weightage in all aspects of society. Governance is all about the implementation of rules and regulations without having many deviations. These deviations are not to be accepted because the spirit of implementation will disappear. The government is respected because of its governance and its ability to satisfy the public at large. Governance is the self-imposed rules which need to be recognized at the community level or the society level. When governance fails, it leads to more failure costs and can impair the system at large. Rules and regulations are defined in various sectors and levels of the system. If it is applied to the corporate level, it will be known as corporate governance, and if it is used to Information Technology (IT), it will be called as IT governance. With the third Millennium currently in progress, attention is needed to challenge Leadership and Governance with revolutionary changes in this technology era. Banking leadership of both public and private in India has set milestones in performance as well in high leakages. Problems in the existing system reflect whether the governance execution, is in safety, security in building the confidence of the society. Competition in banking triggered by the Reserve Bank of India (Centralized system) allowing private into this highly regulated industry. It is more imperative to follow these rules and regulations to help people the society at large. In this research paper, the authors are to investigate the correlation between governance and performance in the banking sector by taking a secondary source. Here the focus is on the selected public and private sector banks. In this journey, analysis of the performance of the banks will be undertaken and suggest strategies for the new challenge that needs to address.