Who is Ajay Banga Nominated as the President of the World Bank by US President Joe Biden?

 Who is Ajay Banga Nominated as the President of the World Bank by US President Joe Biden?

Ajay Banga’s Astrology
Birth: November 10, 1959
Age: 63
Birthplace: Khadki cantonment of Pune
Zodiac sign: Scorpio
Role: Vice Chairman at General Atlantic

The Indian-origin, American businessman Ajay Banga, the Passionate, Persistent, and Strategic Scorpion now nominated by US President Joe Biden as the new president of the world bank. In a statement given by President Biden said that Ajay Banga is the perfect fit to lead the World Bank at this critical time. 63-year-old Banga is currently the Vice Chairman of General Atlantic. He has previously served as the President and CEO of Mastercard.

Who is Ajay Banga?  
• Indian-origin Banga is currently serving as the Vice President at General Atlantic.
• Prior to this, he has been the President and CEO of Mastercard. He held the top position of Mastercard for 12 years and retired in December 2021. 
• He helped 500 million people who did not even have bank accounts join the digital economy. Not only this, but during the epidemic, he postponed the retrenchment of 19,000 employees of the bank. 
• During his career, Ajay was known for innovation in technology, data, and financial services. 
• He is the Honorary President of the International Chamber of Commerce, serving as President from 2020–2022.
• He has also served as the chairman of Exor and an independent director at Temasek. 
• Ajay has been awarded the Padma Shri Award by the President of India in 2016, the Ellis Island Medal of Honor in 2019, and the Business Council for International Understanding Global Leadership Award.
• Ajay Banga was honoured by Padma Shri in 2016
• Ajay Banga, according to Biden, has spent more than three decades creating and leading successful, international businesses. He has promoted hiring and capital in these businesses' emerging economies. In 2016, Banga received the Padma Shri. According to Biden, Banga has a proven track record of working with world leaders to manage people and processes and get results.

The announcement of Banga's nomination is bad news for Pakistan, which is experiencing a financial crisis. Indian-born Ajay Singh Banga has taken over as president of the World Bank under Biden's leadership. Significantly, Indermeet Gill, who is of Indian descent, currently holds both positions at the World Bank, including Chief Economist. It is anticipated that the World Bank Board of Directors would soon confirm Banga's appointment.

On June 30, David Malpas will step out of his role.
On April 5, 2019, the Board of Executive Directors of the World Bank Group chose David R. Malpass to serve as its thirteenth president. According to a statement from the World Bank, David Malpass will step down from his position on June 30, 2023. He will step down from his position at the World Bank at the end of the fiscal year after serving in it for four years.

Figuratively speaking, the World Bank is a union of 187 countries that lend money to underdeveloped nations in an effort to fight poverty.

Donald Trump appointed David in 2019
It is noteworthy that David Malpass was appointed to lead the World Bank in 2019 for a five-year term by former US President Donald Trump. The World Bank's president is generally chosen by the US only because it is the organization's largest shareholder. Under David Malpass, the group responded to several catastrophes, such as the worldwide pandemic and Russia's war in Ukraine which has completed almost a year now. 

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