INSUBCONTINENT EXCLUSIVE:
WASHINGTON: Whether it is running for the US Presidency or waltzing into the corner-suite of global corporations such as PepsiCo, Microsoft,
and Google, the dazzling heights achieved by the Indian diaspora is now the accepted norm
Even so, the nomination by President Biden of former Mastercard CEO Ajay Banga to head the World Bank falls in a different category
It is a rare exception to the default academic and career template most immigrant CEOs of Indian-origin have: They are born, raised, and
have their early education in India, but higher education and early career is invariably in the United States
Indra Nooyi, Satya Nadella, and Sundar Pichai are among those in this category
Indeed, they may have graduated from IITs and IIMs, but the finishing school is typically Stanford, Wharton, Harvard, Yale etc
Ajaypal Singh Banga in contrast is largely minted in India, a fact that was noted by President Biden, and which may have even helped in his
"Raised in India, Ajay has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can
admirers.M.R.Rangaswami, founder and chairman of Indiaspora, a network of global Indian-origin leaders, calls Banga's nomination an
resiliency and environmental sustainability that the former Mastercard honcho is eminently qualified to bring
bring "a lived understanding of the challenges faced by developing nations."Indeed, much of Banga's early career -- after schooling in
Secunderabad, Jalandhar, Delhi, and Shimla, the outcome of fauji (army) family -- was shaped in India
After graduating from IIM Ahmedabad, Banga joined Nestle India in 1981, working there for 13 years on a range of assignments spanning sales,
marketing, and general management
He then joined Pepsico to launch its fast-food franchises in a liberalizing India, before moving to Citibank in 1996 as the head of
marketing in India for the consumer business.Over the next 13 years he served in a range of positions at Citi, including eventually leading
the retail banking and consumer assets division in the US (which first brought him to New York City just before 9/11) and later as head of
its Asia-Pacific operation in Hong Kong.He would have been on track to head Citibank as a protege of then Chairman Sandy Weill ( Vikram
Pandit, another Indian-American, was CEO at that time), but Banga quietly peeled off to Mastercard, then a modest 5000-people company
(compared to 300,000 at Citi) that was looking to take on market leader Visa
By the time he wrapped up his stint a decade later, he had tripled its annual revenue and become an icon in the industry for his cash
bashing and digitization efforts aimed at supplanting currency with card.It was the kind of track record that led US Treasury Secretary
Janet Yellen, who was in Bangalore for the G-20 finance ministers meeting when President Biden announced Banga's nomination, to note that
course, not everyone is chuffed about Biden's choice
Some critics are already sharpening knives calling him a "Wall Street insider" and a "big business executive" without the kind of public
sector experience they say the Bank needs
institution that can work for people and the planet
But he has the backing of the Biden administration and confirmation is expected to be a formality
Vice President Kamala Harris, who has worked closely with Banga on migration issue in North Central America, said he will be a
"transformative" World Bank President who will bring "great insight, energy, and persistence...to address global challenges and promote
The story goes that in the days after 9/11 when he was relatively new in NYC, Citibank's Weill had to convince him to take the company jet
instead of flying commercial and risking immigration scrutiny
Despite stray attacks on Sikhs in NYC, Banga insisted on walking to work, and Weill would often stop by his apartment building to walk with
him to give him cover.In a 2016 leadership forum, Marc Olivie, president and CEO of Columbus-based W.C
recalled a business trip with Banga to Turkiye
As they were crossing a street, some men in a vehicle passing by shouted at Banga, calling him a Taliban terrorist
How do you deal with such ignorance and bigotry, and what will it take to change it? he asked
organizations, best expressed in an oft-cited quote: In nature, you get penalized for not being diverse enough
Being a panda and having bamboo as your only food source quite dramatically increases your chances of becoming extinct
In several forums, he has repeatedly emphasized the importance of leaders surrounding themselves with different people who have had
different life and work experiences; to embrace all races and cultures and genders
places you did and worked with you in your prior jobs, then you will have a sense of comfort of hiring people around you who have that
But you will also have the same blind spots
You will miss the same trends
You will miss the same opportunities," he explains
Evidently, the most diverse administration in American history took the cue and acted upon it.
