Indin Origin Ajay Banga Is New President Of World Bank

Ajay Singh Banga of Indian origin has been appointed as the new President of the World Bank. 

Mr. Ajay Singh Banga would assume office on the 2nd of June, and would continue to hold the position of the World Bank President for the next five years.

Notably, on the 3rd of May, Wednesday, the World Bank’s 25 member Executive Board  selected Ajay Singh Banga, an Indian Origin citizen of the United States as the World Bank President.  He received this nomination from Mr. Joe Biden, the President of the United States of America. 

According to sources, Mr. Ajay Singh Banga would take over Mr. David Malpass, the outgoing President of the World Bank.  In the Indian history, this is the first time that a person of Indian descent has been selected to lead the World Bank. 

Meanwhile, highlighting about Mr. Ajay Singh Banga’s career achievement, he was previously the executive chairman and the Chief Executive Officer (CEO) of the large payment card company Mastercard.   Ajay Banga has been in business for over 30 years and has held several positions at MasterCard as well as board positions with Dow Inc., Kraft Foods, and the American Red Cross.

Early life of Mr. Ajay Banga: The 64 year old was born in Pune, Maharashtra, to a Saini Sikh family.  His father had served in the Indian Army as a retired lieutenant general.  His ancestors hail from Jalandhar. 

Education:  Mr. Ajay Banga holds a Masters of Business Administration (MBA) from Indian Institute of Management (IIM) Ahmedabad and a St. Stephen’s College degree in Economics.  In 2016, the Indian government presented him with the Padma Shri.

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