Indian-origin nominated for post of World Bank President

US President Joe Biden on Thursday nominated Indian-origin Ajay Banga to head the World Bank as its chief.

The president of the World Bank is typically American, while the leader of the International Monetary Fund is customarily European.

Banga, 63, is Indian-American and currently serving as vice chairman at equity firm General Atlantic.

Ajay Banga - a former CEO of Mastercard - will succeed David Malpass, who was to retire in April next year, but announced that he would step down early.

The reason for Ajay Banga's nomination for the post is believed to be his experience in handling global challenges, including climate change.

The World Bank is an international financial institution that leads 189 countries with the goal of eradicating poverty.

US President Joe Biden said Ajay Banga was 'the most suitable person' to take command of the World Bank during this crucial time.