Pune resident, St. Stephen's graduate Ajay Banga is the next president of the World Bank

• May 05, 2023

Ajay Banga, an American citizen of Indian origin, is getting the responsibility of the President of the World Bank. According to the statement of the World Bank Board, Banga will take over the post of president in June. In February this year, US President Joe Biden announced that Ajay Banga will be the next president of the World Bank.

According to tradition, the President of the United States made the final proposal in this regard. However, this is due to the recent announcement of the resignation of World Bank President David Malpas before the end of his term. After the announcement of Malpas' resignation, Biden chose Ajay Banga to replace him. David Malpass, who was appointed to the World Bank in April 2019, has a five-year term that ends in April 2024. But he decided to step down from that position about a year ago.

Ajay Banga, who grew up in Pune Cantonment Esaka, is 63 years old. Father was an army officer. After graduating in Economics from St. Stephen's College, Delhi, he received his MBA from the Indian Institute of Management, Ahmedabad. After completing his studies, he started his career in Nestlé India. He then worked in the India and Malaysia branches of the US City Bank.

He moved to the United States in 1996. After 13 years, Ajay Banga worked in various positions at PepsiCo. He also served as the CEO of PepsiCo's India and Southeast Asia region. Currently, he is working as the Vice Chairman of General Atlantic, an American equity firm. Prior to that, he was the Executive Chairman and CEO of MasterCard.

Ajay Banga was awarded the Padma Shri in 2016. The Board of the World Bank has informed about his new responsibility, the bank authorities are looking forward to working with Ajay Banga in the changing global economic situation.

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