US President Joe Biden has nominated the former Mastercard CEO Ajay Banga has been for the President of the World Bank. Ajaypal Singh Banga is an Indian-American, born in Pune, Maharashtra to a Saini-Sikh family, where his father was posted in the army. He is currently the Vice Chairman of General Atlantic, one of the world’s largest private equity firms. The current President of the World Bank, David Malpass has announced to resign by June 2023. Malpass was elected by former US President Donald Trump.