Ajay Banga Biography: Indian Ajay Banga has created history, and became the President of the World Bank, He is the first person of Indian origin to reach this post. Indian-American citizen Ajay Singh Ajay Banga has been appointed as the President of the World Bank. He is the first person of Indian origin to reach this high position in the history . The tenure of Ajay Ajay Banga will be of five years. He was nominated by the US President Joe Biden for the post in late February.
The History Created
- Ajay Singh Ajay Banga has became the President of the World Bank.
- He is the First person of Indian origin to hold this powerful position.
- The President of America Joe Biden nominated him for this post.
Ajay Banga Biography
Ajay Singh Ajay Banga who is of Indian origin has been elected as the President of the World Bank. The Executive Board which consists of 25-member in the World Bank has elected Ajay Ajay Banga to the post of President for five years. His five year tenure will start from 2nd June 2023 . Ajay Ajay Banga is 63 years old as of now. He was the CEO of Mastercard and he was nominated for the post by US President Joe Biden in late February. He was the only contender for the post, That’s why his appointment was considered confirmed. Ajay Ajay Banga is the first person to reach this position of Indian origin. As of now no person of Indian origin has reached this position in the International Monetary Fund (IMF) or the World Bank.
Education and Career
Ajay Ajay Banga got degree in Economics from St. Stephen’s College, University of Delhi. Ajay Banga was about to retire in December 2021 as he was the head of Mastercard Inc for almost 12 years. He will replace David Malpass. Although his five-year term was to end in April 2024, but before that he had decided to step down.
Ajay Banga has expertise in the financial and technology sectors. He has 12 year experience of leading large organizations that will help him excersing his power and perform his duties well. Ajay Banga, 63, has over 30 years of business experience and has held various positions with Mastercard. He has also served on the boards of the American Red Cross, Kraft Foods, and Dow Inc. He was awarded the Padma Shri in 2016. US President Joe Biden had already announced last month that America was nominating Ajay Banga for the post President of World Bank. He said that Ajay Banga has all the qualities to lead the world at this critical time in history. Ajay has also served for Central America as co-chair of the Partnership along with Vice President of US Kamala Harris who also of Indian origin. He is also the Chairman Emeritus of the American India Foundation. He has also been a member of the Trilateral Commission. He was a member of the National Committee which was made for the United States-China Relations.
Opposition by China
It was believed that Ajay Banga would become the President of the World Bank. The reason for this was that apart from him, no one else had filed nomination for this post. As of now, the powers of the World Bank has been in the hands of America while the President of IMF are usually europeans. The last date for filing the nominations for President of World Bank was March 29, but no one showed interest in filing nominations from their side so US came up with the name of Ajay Banga. As expected China had objections to the nominations for the President ship as Ajay Banga’s name but with tremendous support from almost all countries Ajay Banga won this position along with the full support of india. He was also supported by US Treasury Secretary Janet Yellen and said that the next few months would see significant changes in the World Bank under the presidentship of Ajay Banga. Ajay will prepare the World Bank to meet the new challenges arising due to the covid and wars along with banks collapsing due to the things happening in the world . This will enable the bank to achieve the goals of poverty alleviation and development.
About his Origin and Life
Ajay Singh Ajay Banga was born in a prosperous Sikh family in Pune, Maharashtra in India. His father was an army officer, so his childhood was spent travelling many cities around the country. He earned his economics degree from St. Stephen’s College and University of Delhi in India. He was bright student so he completed his MBA from IIM, Ahmedabad. He joined the Nestlé Company in the 1980s and held many important positions in the company for almost a decade. He then joined PepsiCo Inc. and helped the company launch fast-food franchises in India. According to a report, the estimated net worth of Ajay Ajay Banga as of 14 July 2021 was around $206 million dollars. He owns more than 60,000 units of Mastercard stock which are worth $113,123,489. He has sold more than $69,986,261 worth of MA stock over the past 13 years.