The World Bank has confirmed that Indian-origin Ajay Banga has been selected as its next President for a five-year term. Former Mastercard CEO Ajay Banga, 63, will take over the role from David Malpass on June 2. David Malpass, who was serving as the World Bank chief, would continue to serve until June 1. Ajay Banga, 63, was nominated for the post by US President Joe Biden in late February. He is the first-ever Indian-American and Sikh-American to head either of the two top international financial institutions – the International Monetary Fund and the World Bank.He is currently the Vice Chairman at General Atlantic. Previously, he was President and CEO of Mastercard, leading the company through a strategic, technological and cultural transformation.He was awarded the Padma Shri by the Indian government in 2016.