The purpose of the present study is to craft a corporate governance index for Indian banks by eliminating the subjectivity in assigning weights. The present framework includes six corporate governance dimensions, which include the attributes related to the board committee, audit committee, risk management committee, remuneration committee and transparency of the banks. The study considers measuring the index value for corporate governance framework via a novel extension of the classical data envelopment analysis technique known as the benefit of doubt analysis, as this approach assigns the weights objectively to the different dimensions of corporate governance and thereafter provides a synthesised score to be termed as the corporate governance index. Further, the present study attempts to know any variation in the index score when the whole sample is divided into sub-sample for two different groups in terms of duality and non-duality of CEO leadership board and other is based on the large and small size of banks. The analysis reveals that non-duality boards and small-size banks are more adaptable to the governacne norms. The analysis further documented that in an emerging economy effective implementation of governance norms is not only beneficial in protecting the interest of the shareholders but also contributes to the business performance. Thus, based on the novel analysis the study provides few policy implications in terms of identifying the key areas for an effective corporate governance framework.