Ajay Banga nominated by US President, Joe Biden as the next President of the World Bank and Dr Montek Singh Ahluwalia, former, Deputy Chairman, Planning Commission, the two prominently turban wearing Sikhs, share a special bond with Hyderabad.
Montek Singh studied at the St Patrick’s High School, Secunderabad. He went on to graduate from St Stephen’s, Delhi and joined the World Bank and also held a high position in the IMF. In contrast, Ajaypal Singh Banga is an alumnus of the Hyderabad Public School, Begumpet. He also graduated from St Stephen’s, then from IIMA and after an illustrious career in the corporate world has now been selected for the highest post at the World Bank.
The announcement of Banga’s imminent role to lead the World Bank has sent Hyderabadis, especially the Public School alumni into a tizzy. The news has gone viral as Banga, the former President and CEO of MasterCard will take over the reins of the World Bank, which along with the IMF (International Monetary Fund) are the most powerful financial arms of the UN, wielding huge power over the financial health of nations and the common people.
Interestingly, from July 1, when Banga assumes office, his Chief Economist at the Bank will be another turban Sikh, Prof Indermit Gill, also of Indian origin and a very strange coincidence indeed. While several distinguished Indian or the Persons of Indian Origin held top positions in the IMF and World Bank, this is the first time that the highest job is coming their way.
A big achiever, Banga, the 1974 alumnus of the HPS, Begumpet hails from a family that has distinguished itself in a variety of areas. His elder brother, Manvinder Singh ‘Vindi’ Banga, an IIT, Delhi, IIM, Ahmadabad alum, who became, Chairman of Hindustan Lever. Their father, Harbhajan Singh Banga, a veteran of two wars with Pakistan retired from the Indian Army as Lt. Gen.
Banga, Montek & Hyderabad
Ajay Banga and Dr Montek Singh Ahluwalia, former, Deputy Chairman of the Planning Commission share some interesting similarities with Hyderabad and their careers. Though separated by nearly two decades in age, both the sardars came to the ‘city of the Nawabs’ as their father’s serving in the defence were posted in the city.
Montek Singh’s father, a defence officer was posted in Secunderabad during the 1950s. Consequently, Montek studied at the St Patrick’s High School for nearly 7 years, before moving on to Delhi. He graduated from the prestigious St Stephen’s College and then an MA & M Phil from Oxford University.
The economist, born in Rawalpindi (now in Pakistan) in 1943, joined the World Bank in 1968 and held several positions over the next decade. In 2001, after holding key economic and planning positions in the Rajiv Gandhi and PV Narasimha Rao governments, Montek was appointed the first Director of the newly created Independent Evaluation Office of the IMF ( International Monetary Fund). He returned to India and served as Deputy Chairman, Planning Commission (2004-14), under Dr Manmohan Singh’s UPA 1&2 governments.
Interestingly, Dr Montek Singh, who supported the N Chandrababu Naidu and Dr Y S Rajasekhara Reddy governments in combined Andhra Pradesh to develop Hyderabad, was a chief guest at one of the major events connected with the Centenary of St Patrick’s High School.
As an interesting coincidence, the nomination of Ajay Banga to the World Bank comes in the year his Alma mater, HPS Begumpet is celebrating its centenary with a series of events in 2023. The President of the HPS Society, Mr Gusti Noria, while congratulating Ajay Banga for his distinction and wishing him bests said, “We look forward to having him join in the centenary celebrations throughout the year.”
The HPS has produced outstanding achievers in various fields. Ajay Banga, CEO of MasterCard, Shantanu Narayen, CEO of Adobe Systems and Satya Nadella, CEO of Microsoft figured in the top 10 best performing CEOs in the Harvard Business Review of 2019.
Like Montek Singh, Ajay Banga’s schooling in Hyderabad happened because his father, Harbhajan Singh Banga, hailing from Jalandhar and a veteran of two wars with Pakistan was transferred from Pune to Secunderabad around 1970. As a Brigadier, he served as the Commandant of the MCEME during which time the young Ajay Banga went to the HPS. Again in the footsteps of Montek, Ajay went to St Stephen’s College and graduated in economics.
This is where the comparison perhaps ends. Ajaypal Banga followed his older brother Manvinder to the IIM, Ahmadabad. After that, he began his career in the corporate world with Nestle India in 1981. After a stint in PepsiCo, he moved into banking with the Citibank. After a decade of successful contributions to the bank’s activities and growth in India, Middle East, Africa and Europe, his big break came when he was selected as the CEO of MasterCard in 2009.
During his decade long leadership at MasterCard, the second largest payment company, Ajay Banga was instrumental in driving its phenomenal growth. He was also heading the US-India Business Council and played an influential role. Post MasterCard, he has been the Vice-Chairman with the General Atlantic, a large private equity firm.
Given the vast experience in payment services, dealing with communities and populations across the world, marketing acumen and leadership qualities that he has acquired over the decades, the 63-year- old, Ajaypal Singh Banga is well equipped to take on the challenges that the World Bank faces in the post pandemic era.
“Ajay is uniquely equipped to lead the World Bank at this critical moment in history. He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organizations through periods of fundamental change. He has a proven track record managing people and systems, and partnering with global leaders around the world to deliver results”, said Joe Biden.
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