Indian-origin Ajay Banga becomes World Bank's 14th President

After consistently showing confidence in India's ability to navigate an impending recession, the World Bank has picked Indian-origin Ajay Banga as its 14th President.

The former Mastercard President and Chief Executive Officer, has been selected by Executive Directors, after having served as the Chairman of the International Chamber of Commerce.

Actively supports inclusion and climate action

Among other awards, Banga had also been honoured with a Padma Shri by the Indian President in 2016.

In times of green growth, Banga has also been an advisor to a climate-focused fund, BeyondNetZero.

He has served on the boards of major firms such as Kraft and Dow Inc, along with organisations including the Red Cross.

From Pune to the global stage

At Mastercard, he also oversaw the launch of the Centre for Inclusive Growth, for sustainable growth across the globe.

The Pune born Banga has a Bachelor's in Arts (Economics) from St Stephen's College in Delhi, and a management degree from IIM Ahmedabad.

Banga started off as a trainee for Nestle and has over the years worked at FMCG majors such as Pepsico, and fast-food chains Pizza Hut and KFC.

Banga was US President Joe Biden's nominee and was elected upopposed for the five-year stint.

He was also scheduled to meet Indian PM Modi in March, but had tested positive for Covid at that time.