The India-origin executive likely to be the next World Bank chief


India-born Ajay Banga is set to become World Bank’s next chief unopposed. A former CEO of Mastercard, he is a veteran in the finance and banking sector. However, his appointment comes at a challenging time for the institution amid global inflation, the Ukraine war, and the threat of climate change. Banga was nominated by US President Joe Biden in February. India was among the nations that endorsed his candidacy, including Britain, France, Germany, Italy, Japan, etc. He was an economics student at Delhi’s prestigious St Stephen’s College and then went on to study at the famous Indian Institute of Management, Ahmedabad. Banga was nominated after the current president David Malpass decided to step down almost a year before his five-year term will end. An American banker, he will leave on 30 June. The top job at World Bank has always gone to a US candidate.