World Bank: Former MasterCard CEO Ajay Banga can be the Chief of the World Bank

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Former MasterCard CEO Ajay Banga can be the President of the World Bank. US President Joe Biden approved his name on Thursday (February 23). The White House has given this information. President Biden said in the statement that Ajay is uniquely suited to lead the World Bank at this important moment in history.

The nomination will undergo a month-long confirmation process before the World Bank Board takes a final decision. It is unclear whether any other country will nominate a candidate. The President of the World Bank is traditionally a person chosen by America. The current head of the World Bank, David Malpas, has announced plans to step down soon.

Who is Ajay Banga?

Banga, 63, is an Indian-American and currently serves as vice chairman at equity firm General Atlantic. He is also the chairman of Exor, a Netherlands-based investment holding company. Banga is the former chairman of the US-India Business Council (USIBC), which represents more than 300 of the largest international companies investing in India. Banga was born on November 10, 1959 in a Sikh family in Khadka Cantonment, Pune. His family is originally from Jalandhar, Punjab. His father, Harbhajan Singh Banga, is a retired Lieutenant-General. Who served in the Indian Army? The Government of India honoured Banga with Padma Shri in 2016.

Ajay Banga has been the CEO of MasterCard

Ajay Banga joined MasterCard in August 2009 as President and Chief Operating Officer. He was then named CEO of Mastercard in April 2010. At the same time, before joining Citigroup in 1996, Banga worked with Nestle India for 13 years and also worked at PepsiCo for two years. Banga held various positions at PepsiCo, including CEO of the Asia-Pacific region.

Long Experience in Mastercard

Ajay is currently the Vice-Chairman of General Atlantic, one of the world’s largest private equity firms. Before this, he was the executive chairman and CEO of the leading credit card company Mastercard. Became CEO of MasterCard in 2009. During his tenure MasterCard expanded significantly in India. Along with this, he has also played an important role in bringing the security feature of MasterCard. In addition to serving in various roles at Mastercard, he has also served on the boards of the American Red Cross, Kraft Foods and Dow Inc.

Biden liked how to become Banga

Ajay Banga has been nominat as the new President of the World Bank by US President Joe Biden. On the appointment of the new president, the US President said that Banga has a lot of experience in many important challenges of the world including climate change, in view of which America has decided to nominate his name.

Current Chief Malpas is leaving the post

The current head of the World Bank, David Malpas, had announced a few days ago that he will step down from his post ahead of schedule in the coming June. Actually, Malpas’ tenure of 5 years is ending in April 2024. He was appoint by Donald Trump. In such a situation, it is consider certain that Banga will take over this important post after the current World Bank chief Malpas. The World Bank has 189 member countries including India. 

1. Is Mastercard better than Visa?

Ans.  On entry level cards, there is very little difference between Visa and Mastercard

2. What is the Mastercard?

Ans.  A payment network processor.

3. Which is bigger Visa or Mastercard?

Ans. Visa (trading symbol V) commands a $497.5 billion market capitalization, while Mastercard (trading symbol MA) follows closely behind at $359.8 billion

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