Indian-American businessman Ajay Banga has been nominated by the US to head the World Bank. He has been nominated for the position of World Bank President by US President Joe Biden. The current President and Trump appointee David Malpass’s tenure was till April 2024 but he will be stepping down from his role in June this year.
Mr Banga is the son of retired Lieutenant General of the Indian Army General Harbhajan Singh Banga. An alumnus of St Stephen’s College, Delhi and Indian Institute of Management, Ahemadabad, he was the CEO of Mastercard for over a decade and is currently Vice Chairman of General Atlantic.
The 63-Year-old has been a former chair of the US India Business Council (USIBC) and is chairman emeritus of the American India Foundation. He is also a founding trustee of the US-India Strategic Partnership Forum (USISPF).
Mr Banga was awarded the Padma Shri in 2016, one of India’s highest civilian awards. He older brother is the businessman M. S. Banga.
Given that the US has proposed Mr Banga’s name it is a near certainty that he will be appointed President after the formalities are complete. When that happens he will become the first person of Indian origin to become the President of the World bank.
Currently, Chief Economist at the World Bank is also the Indian economist Indermit Gill. He was appointed to the position in July last year