An aqueous extract of Banana peel has been used as a corrosion inhibitor in controlling corrosion of carbon steel. The main constituent of this extract is bananadine [(3Z,7Z,10Z)-1-oxa-6-azacyclododeca-3,7,10-triene]. It has excellent inhibition efficiency (IE) of 98% at Zn2+ (15 ppm) by the weight loss method. The protective film has been analyzed using Atomic Force Microscopic (AFM) and FTIR spectroscopic techniques. Protective film formed on the metal surface is confirmed by using Electro chemical studies such as potentiodynamic polarization and AC impedance techniques. Polarization study reveals that this system functions as mixed type of inhibitor.