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In this paper, we introduce a new scheme namely: CUIA- iterative scheme and utilize the same to prove a strong convergence theorem for quasi contractive mappings in Banach spaces. We also establish the equivalence of our new iterative scheme with various iterative schemes namely: Picard, Mann, Ishikawa, Agarwal et al., Noor, SP, CR etc for quasi contractive mappings besides carrying out a comparative study of rate of convergences of involve iterative schemes. The present new iterative scheme converges faster than above mentioned iterative schemes whose detailed comparison carried out with the help of different tables and graphs prepared with the help of MATLAB.