It looks like Ajay Banga’s nomination to lead the World Bank has finally shaken Pakistanis since Indian nationals seem to have taken up key roles in financial institutions across the globe.
The former Mastercard Inc (MA.N) chief operating officer (CEO) was nominated by US President Joe Biden on Thursday for the coveted slot. The 63-year-old, now a US citizen, will assume a job that oversees billions of dollars of funding, as it races to help developing countries address climate change.
Other Indian nationals who currently have key positions are Coimbatore Sundararajan Venkatakrishnan, the CEO of Barclays, Gary C Bhojwani, the CEO of CNO Financial Group, Bharat Masrani, CEO of TD Bank and Piyush Gupta, the CEO of the DSB Bank.
His nomination has finally pressed a panic button among Pakistanis as they ask when someone from the country would join the multinational platforms.
Ajay Banga is vice chair of General Atlantic, a US private equity firm that administration officials said has invested over $800 million in EV charging solutions, solar power and sustainable farming.
He retired in December 2021 after 12 years at the helm of Mastercard, where administration officials noted that he helped 500 million unbanked people join the digital economy, averted layoffs of the bank’s 19,000 employees during the Covid-19 pandemic, and led work on climate, gender, and sustainable agriculture.
The son of the former General Harbhajan Singh Banga was raised in India and after finishing school at Hyderabad Public School, Banga earned a Bachelor’s degree in Economics from the University of Delhi’s St. Stephen’s College. He completed his MBA degree from the Indian Institute for Management in Ahmedabad.
He has been associated with renowned firms since 1981. In 2016, Banga was awarded the Padma Shri by the president of India.
He is currently serving as vice chairman at General Atlantic, a private equity company. According to the White House’s briefing, Banga is an Honorary Chairman of the International Chamber of Commerce and has been on the Boards of the American Red Cross, Kraft Foods, and Dow Inc.
Banga was also a member of former US president Obama’s Commission on Enhancing National Cybersecurity.
A Twitter user asked why Pakistan has failed to join new multinational platforms as Indian-American Ajay Banga has been picked to lead the World Bank.
Another user praising the nomination wrote that India’s investment in human capital has yielded “miraculous results”.
Meanwhile, a user asked how much “worse is destiny gonna get for Pakistan”.
Similarly, another user wrote that his nomination is a clear sign to Pakistan and China from the US president.
