Ajay Banga

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Person.png Ajay Banga  Rdf-entity.pngRdf-icon.png
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BornNovember 10, 1959
Alma materUniversity of Delhi, Indian Institute of Management
Member ofBusiness Roundtable, Council on Foreign Relations/Members, Dow, Mastercard, The Council for Inclusive Capitalism with the Vatican
Indian-US business with a lot of connections, especially to processed food. As Mastercard executive interested in a cashless society.

Ajaypal Singh Banga is an Indian-American business executive.[1] He is currently executive chairman of Mastercard, having previously was president and CEO of the company from July 2010 until December 31, 2020.[2][3][4]

Banga succeeded Robert W. Selander, who had been CEO since March 1997.[3]

In February 2015, President Barack Obama appointed Banga to serve as a member of the President's Advisory Committee for Trade Policy and Negotiations.[5]

Banga is the former chairman of the U.S.-India Business Council (USIBC) representing more than 300 of the largest international companies investing in India, and chairman of the International Chamber of Commerce.[6] He is also a member of the board of directors of the Dow Chemical Company; member of the Council on Foreign Relations; and member of International Business Council of the World Economic Forum.[7]

Ajay Banga has spent a decade as chief executive of Mastercard. Last year, he oversaw $6.5 trillion in transactions. That means he knows what we’re spending right now (aggregated and anonymized, of course) and how long it might take to get us out of our current economic funk. It also means Mr. Banga has leverage over virtually any business that relies on credit card payments.[8]

Early life

Banga was born November 10, 1959 into a Sikh family in Khadki, Pune, Maharashtra, India where his father, an army officer, was posted.[9] His family is originally from Jalandhar, Punjab. His father, Harbhajan Singh Banga is a retired lieutenant-general who served in the Indian Army. He is the younger brother of businessman M. S. Banga.[10]

Banga grew up and attended schools across India, successively in Secunderabad, Jalandhar, Delhi, Ahmedabad, before finishing his schooling in Shimla.[11]

His primary education was completed at the Hyderabad Public School in Begumpet. Banga went on to graduate with a Bachelor of Arts (Honours) degree in Economics from St. Stephen's College, Delhi University followed by PGP in Management (equivalent to MBA) from the Indian Institute of Management, Ahmedabad.[3][4][12]


Beginning his business career with Nestlé in 1981, Banga spent the next 13 years working in jobs spanning sales, marketing, and general management. He later joined PepsiCo and was involved in the launch of its international fast food franchises in India as the economy liberalized.[13]

Banga was vice chairman of the board of trustees of the New York Hall of Science and a board member of the National Urban League. He was formerly a business sponsor of Citi's African heritage network – NYC.

Banga has a keen interest in social development issues, and over the period from 2005 to mid-2009, he spearheaded Citi's strategy in the microfinance sector across the world.[3]

Banga is a regular speaker at various FinTech conferences and various leadership conferences. He also appeared on the Mad Money show hosted by Jim Cramer on Thursday, 6 Nov 2014[14]

Banga, was the keynote speaker at the NYU Stern 2014 Graduate Convocation on May 22, 2014, where he spoke about the importance of diversity in driving innovation and leadership.[15] He also was a keynote speaker for his alma mater, the Indian Institute of Management Ahmedabad, during the Class of 2015's convocation.[16][17]

In 2020 he was elected chairman of the International Chamber of Commerce succeeding Paul Polman. He previously was ICC’s First Vice-Chair since June 2018.[18]

As Mastercard Executive Chairman Ajay Banga has taken hefty pay packages. In 2020, the last year as CEO, he took $27.7 million, which in size surpasses all but two CEOs among the largest U.S.-based banks.[19]

The Government of India awarded him the civilian honour of the Padma Shri in 2016.[20]


Events Participated in

WEF/Annual Meeting/201422 January 201425 January 2014Switzerland2604 guests in Davos considered "Reshaping The World"
WEF/Annual Meeting/201717 January 201720 January 2017World Economic Forum
2951 known participants
WEF/Annual Meeting/202021 January 202024 January 2020World Economic Forum
This mega-summit of the world's ruling class and their political and media appendages happens every year, but 2020 was special, as the continuous corporate media coverage of COVID-19 started more or less from one day to the next on 20/21 January 2020, coinciding with the start of the meeting.


  1. https://www.ledger-enquirer.com/news/business/article101425582.html
  2. http://www.southreport.com/these-ceos-of-indian-origin-will-make-you-feel-proud/%7Caccess-date=May 22, 2017
  3. a b c d http://www.mastercard.com/us/company/en/newsroom/ceo_transition_announcement.htm
  4. a b https://www.bloomberg.com/research/stocks/people/person.asp?personId=23673920&privcapId=6477196
  5. https://obamawhitehouse.archives.gov/the-press-office/2015/02/05/president-obama-announces-more-key-administration-posts
  6. https://iccwbo.org/media-wall/news-speeches/icc-elects-mastercard-ceo-ajay-banga-as-new-chair/%7Cwebsite=International Chamber of Commerce
  7. https://web.archive.org/web/20150216161355/http://www.latestgktoday.com/ajaypal-singh-banga-appointed-as-member-of-us-advisory-committee-for-trade-policy-and-negotiations/
  8. https://www.nytimes.com/2020/12/21/opinion/sway-kara-swisher-ajay-banga.html
  9. https://moneyinc.com/mastercard-ceo-ajaypal-singh-banga/
  10. https://www.forbes.com/global/2010/0809/companies-mastercard-vindi-ajay-india-banga-brothers.html
  11. http://timesofindia.indiatimes.com/biz/international-business/Delhi-whiz-Ajay-Banga-becomes-MasterCard-CEO/articleshow/5788801.cms
  12. https://web.archive.org/web/20160304042619/http://expressbuzz.com/topic/iim-alumnus-ajay-banga-is-new-ceo-of-mastercard/164795.html
  13. https://www.forbes.com/profile/ajaypal-banga/
  14. https://www.cnbc.com/id/102161792#
  15. http://www.stern.nyu.edu/experience-stern/news-events/banga-keynote-convocation-14
  16. https://qz.com/377104/ajay-bangas-six-lessons-on-leadership-as-told-to-the-iim-a-class-of-2015/
  17. https://penguin.co.in/book/a-leader-listens/
  18. https://iccwbo.org/media-wall/news-speeches/icc-elects-mastercard-ceo-ajay-banga-as-new-chair/
  19. https://www.bankingdive.com/news/mastercard-faces-pushback-over-ex-ceos-277m-pay-package/602102/
  20. http://pib.nic.in/newsite/PrintRelease.aspx?relid=135783