After being nominated by Joe Biden in February 2023, Ajay Banga, the former CEO of Mastercard, and Vice chairman at General Atlantic, emerged victorious in the Presidential election of the World Bank, 2023.
In earlier life, Banga had started his school from St. Edward School, Shimla. Consecutively, he got admission in Hyderabad Public School, St. Stephen’s College, & Indian Institute of Management (IIM), Ahmedabad. He had been the chief advisor for various governmental organizations. He was the honorary chairman of the International Chamber of Commerce from the period of 2020-2022. Under his supervision, the Mastercard company launched the Center for Inclusive Growth, endowing equitable and sustainable economic growth all over the world. Previously serving on the boards of American Red Cross, Kraft Foods, and Dow Inc., he also served as the Co-Chair in partnership for Central America, a coalition of private organizations working for the underserved population in EL Salvador, Guatemala, and Honduras.
The majority of his career was spent as the CEO of Mastercard, where his contribution improved the company to grow in the digital economy. With his aid, the company helped 500 million of unbanked people join the digital economy. In addition, with his help 19000 of employees averted layoffs during Covid 19. In 2015, Barack Obama appointed him as a member of the President’s Advisory Committee for Trade Policy and Negotiations.
He received the fourth-highest civilian award, the Padma Shri in 2016. Joe Biden solicited him for the Presidential election of World Bank 2023 after previous President David Malpass stepped down after being strongly criticized for his climate stance. He said verbatim that, ” Ajay Banga will be the transformative leader , bringing expertise, experience, and innovation to the position of the World Bank President.”