Ajay Banga, who's set to be World Bank's head, used to earn over Rs 5 million per day?

Ajay Banga, who has been nominated as the head of the World Bank, was working as Mastercard's chief operating officer where he drew a whooping salary of Rs 5.2 million per day, as per reports.

US President Joe Biden hasnominated Ajay Banga for the post of World Bank's head. If his nomination is approved by the board of directors, he will be the first person of Indian origin to hold the prestigious position.

He has also been praised by Biden for his expertise on topics like climate change. Last year, Ajay Banga retired from Mastercard. Currently, he is the equity firm General Atlantic's vice chairman.

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Before joining Mastercard, Ajay Banga worked with Citigroup and Nestle in India. He is also the chairman of the Dutch investment firm “Exor”.

The current chief economist of the World Bank, Indermeet Gill, is also of Indian origin. Ajay Banga has more than 30 years of experience. He has been a board member of Craft Foods, Dow Ink and the American Red Cross. He studied economics at St Stephens College, New Delhi.

According to CNBS, Ajay Banga's net worth was $206 million (Rs 17 billion) in 2021. Ajay Banga owns Mastercard stocks worth $113,123,489. In the last 13 years, stocks worth lakhs of dollars were sold by Ajay Banga.

If reports are to be believed, he was drawing a salary of $23,250,000 (Rs 1.92 billion) every year at Mastercard, which suggests that he was earning Rs 5.2 million per day.

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Ajay Banga is Lieutenant General Harbhajan Banga's son. His father was in the Indian army and his family is from Jalandhar, Punjab.

He completed his schooling at Hyderabad Public School and later did his masters from IIM Ahmedabad. In 1981, he started his career with Nestle, where he worked for 13 years.

Ajay Banga later got associated with PepsiCo. He was conferred Padma Shri, the third highest civilian honour in India.

(With inputs from agencies)

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