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World Bank:India-born Ajay Banga has been chosen as the next President of the World Bank. A 25-member executive board selected the ex-Mastercard CEO, who was nominated to the post by US President Joe Biden in late February. The bank issued a statement shortly after voting to approve his leadership for a five-year term, saying the board looked forward to working with Banga on the World Bank Group development process.Banga on June 2 He will replace David Malpass, the current President of the World Bank.Ajay Banga, former head of Mastercard Inc., is currently serving as the Vice Chairman of General Atlantic. Banga is the first person of Indian origin to head either of the world’s top financial institutions, the World Bank and the International Monetary Fund (IMF). He was brought up in India only. The Government of India has also honored Banga with the Padma Shri award in 2016.
know about Banga:
64 years old Banga was born in a Saini Sikh family in Pune, Maharashtra. His father was a retired lieutenant-general of the Indian Army. His family is originally from Jalandhar. He is a graduate in Economics from St. Stephen’s College and an MBA from IIM Ahmedabad. He started his career with Nestle in India and then worked with Citigroup. In 2016, the Government of India honored him with the Padma Shri, the fourth highest civilian award.
Banga has also worked with US Vice President Kamala Harris. He was co-head of the ‘Partnership for Central America’. He has been the Honorary Chairman of the International Chamber of Commerce during the year 2020-22. Apart from this, he is also the chairman of Axar and an independent director of Temasek. Prior to this, he has also been a part of the Board of Directors of American Red Cross, Kraft Foods and Dow Inc. He was also a founding trustee of the US-India Strategic Partnership Forum and a member of the Cyber-Security Commission formed during the time of Barack Obama.
