Who is Indian-American Ajay Banga, Nominated by US Prez Joe Biden for World Bank President?

Mr. Banga received B.A Economics (Hons) degree from St. Stephen's College, Delhi University. Thereafter, he purused MBA from Indian Institute of Management, Ahmedabad.

US Prez Joe Biden nominates Indian-American Ajay Banga as next World Bank President.

New Delhi: US President Joe Biden has nominated Indian-American and former Mastercard chairman Ajaypal Singh  Banga for the presidentship of World Bank. Indian-American Ajay Banga was born on November 10, 1959 in Pune India. He received his graudation in B.A in Economics with honors from St. Stephen’s College, Delhi University. Thereafter, he studied in India’s top management school Indian Institute of Management, Ahmedabad to puruse Masters of Business Administrator (MBA). After working over a decade with Nesle India in various posts, he shifted to the United States of America where he joined Citigroup.  

Mr. Banga graduated in B.A. Economics from Delhi University with honors. He also studied in top business school of India IIM, Ahmedabad. Mr. Banga worked with Nestle, India over 13 years, where he held a variety of assignments spanning sales, marketing, and general management. He also worked with Pepsico. Mr. Banga served as CEO of Citigroup’s Asia-Pacific Region, which he had joined in 1996.

Mr. Banga joined MasterCard as president and chief operating officer in late August 2009. Mr. Banga retried from Mastercard on December 31, 2021 after announcing the retriement in September, 2021. 

He served as a member of the Council on Foreign Relations and the Economic Club of New York as well as a fellow of the Foreign Policy Association. Banga was awarded India’s third highest civil award Padma Shri by the Indian government in 2016.

The World Bank Group is the International financial organisation comprising five institutions working for sustainable solutions to reduce poverty and build shared prosperity in developing countries. It has 189 member countries as participants, making it a poweful organisation with the United States has the majority of contributions. The Five institutions include IBRD ( International Bank for Reconstruction and Development), IDA (International Development Association), IFC (International Finance Corporation), MIGA (Multilateral Investment Guarantee Agency), and ICSID (International Centre for Settlement of Investment Disputes).