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This paper proposes an accurate and efficient Universal Adaptive Stabilizer (UAS) based online parameters estimation technique for a 400 V Li-ion battery bank. The battery open circuit voltage, parameters modeling the transient response, and series resistance are all estimated in a single real-time test. In contrast to earlier UAS based work on individual battery packs, this work does not require prior offline experimentation or any post-processing. Real time fast convergence of parameters' estimates with minimal experimental effort enables update of battery parameters during run-time. The proposed strategy is mathematically validated and its performance is demonstrated on a 400 V, 6.6 Ah Li-ion battery bank powering an induction motor driven prototype electric vehicle (EV) traction system.