Ajay Banga is Indian-American. US President Joe Biden has nominated him for the post of President of the World Bank. Ajay Banga is the former CEO of Mastercard. He is currently the Executive Chairman of Mastercard. He has also worked on the boards of the American Red Cross, Kraft Foods and Dow Inc. The current President of the World Bank is David Malpass. He will complete his term in 2024. The nomination of Ajay Banga for the post of President is being celebrated all over the country. Today, like Ajay Banga, many Indians are working as CEOs in foreign companies, which is a matter of pride for us. Let us know about his life, biography and his studies.
Family and Education
Ajay Banga was born on 10 November 1959 in Pune Maharashtra India. His father’s name is Harbhajan Singh and mother’s name is Jaswant Banga. Banga’s father was posted in Hyderabad as Lieutenant-General in the Indian Army. His elder brother MS Banga is a businessman. His wife’s name is Ritu Banga, who is the co-founder and managing director of career platform Zoomdojo. Banga grew up in a military family.
Ajay Banga’s schooling has been done from Jalandhar, Delhi, Hyderabad at various places of India. He did his college studies from St. Stephen’s College, University of Delhi. From where he obtained a Bachelor’s degree in Economics, after this Banga studied management from the Indian Institute of Ahmedabad (IIM).
Banga joined Nestlé in 1981. He then worked as the CEO of PepsiCo and Citigroup Asia Pacific. He was also a member of the Senior Leadership and Executive Committee at Citigroup. Apart from the CEO, he held several key responsibilities including Institutional Banking, Alternative Investments, Wealth Management. He joined Mastercard in August 2009 and in July 2010, he Became the CEO of Mastercard.
Also worked with Barack Obama
In 2015, US President Barack Obama formally selected him as a member of the President’s Advisory Committee for Trade Policy and Negotiations. Ajay Pal Singh Banga has also served on President Obama’s Commission on Enhancing National Cyber Security.
He got 64th rank among the World’s 100 Best CEOs in 2014 by Harvard Business Review magazine. Banga has received many honors including the Indian civilian award Padma Shri.
Ajay Banga elected new President of World Bank
25-member Executive Board of the World Bank elected Ajay Bang as the next President of the World Bank. His tenure will start from June 2. He will be the first president of Asian origin. He will assume his post on June 2, 2023. His term will be of 5 years.