Ajay Banga Biography: Ajay Banga, an Indian-American, was appointed the World Bank's new president on Wednesday.At a critical juncture for the development lender as it seeks to effectively address climate change, Banga will assume leadership. He will take over the role from David Malpass on June 2.
"The Board looks forward to working with Mr. Banga on the World Bank Group Evolution process," the bank wrote in a statement published shortly after the board voted to approve his leadership for a five-year term.
In India's Pune, Ajay Banga was born. He graduated from St. Stephen's College in Delhi with a bachelor's degree in economics before going on to the Indian Institute of Management in Ahmedabad to obtain an MBA. Banga began working for Citibank in India and Malaysia after completing his education. He then began his career with Nestle India.
He moved to the United States in 1996 and joined Pepsi, where he served in a variety of capacities for 13 years, including as the CEO of the business' operations in India and Southeast Asia.Banga started working for Mastercard in 2009 as its President and COO. The following year, he was promoted to CEO.Mastercard has grown its global footprint under his direction and has put a strong emphasis on creating fresh payment methods and technology.The corporate Roundtable, the International Cricket Council, and the US-India CEO Forum are just a few of the corporate and nonprofit organisations that Banga belongs to.
He has worked with numerous governments and organisations to increase access to financial services for marginalised communities and has been a prominent champion for encouraging financial inclusion.
For his contributions to business and society, Banga has won numerous accolades and awards.The Indian government bestowed the Padma Shri honour upon Banga in 2016.
According to CNBS, Ajay Banga had a net worth of $206 million (about Rs 17 billion) in 2021. A $113,123,489 worth of Mastercard stock belongs to him.Ajay Banga reportedly received a salary from Mastercard of $23,250,000 (about Rs. 1.92 billion) annually, or Rs. 5.2 million each day.