New Delhi: Indian-origin and former MasterCard CEO Ajaypal Singh Banga will now head the World Bank for five years. Banga was earlier selected by the United States of America as the President of the World Bank last February. Regarding the selection of Banga, the World Bank issued a statement saying, “The World Bank is very eager to work with Banga.” He will assume his post from June 2. Ajay Banga is the first person of Indian origin to be selected for this position. David Malpass, who is currently the president of the World Bank, is working to reduce poverty in 189 countries. He will resign from his post in June-2023. Following which Banga will take his place. Ajay Banga was honored with the Padma Shri Award by the Government of India in the year 2016.
Know who is Ajay Banga
Ajaypal Banga was born on 10 November 1959 in Pune, Maharashtra. His father Harbhajan Banga was a lieutenant general in the army. Banga’s family is originally from Jalandhar. As for Banga’s education, he has a bachelor’s degree in economics from St. Stephen’s College and an MBA from IIM Ahmedabad. In 2012, famous magazine Fortune selected Banga as ‘Powerful Industrialist-2012’. He is the brother of Manavinder Singh Banga, former chairman of Hindustan Unilever. After completing his MBA, he joined Nestlé India as a management trainee in 1981 and rose to the position of manager in 13 years. He was instrumental in bringing Pizza Hut and KFC to India.
Bangane is the vice chairman of private equity firm General Atlantic. He has more than 30 years of professional experience. He has served on the boards of MasterCard and the American Red Cross, Kraft Foods and Dow Inc. He is the first person of Indian origin to be nominated for the post of President of the World Bank.