Is Ajay Banga the president of the World Bank?

Ajay Banga will be the first American Indian to serve as president of the World Bank. US President Joe Biden's administration formally proposed Banga's name on Thursday. If all goes well, Bangai will be the next head of the World Bank.

"Banga, 63, has played an important role in everything from climate change to public-private resources," Biden said. That is why his name has been suggested.''

Earlier, the Biden administration wanted to bring a woman to the post. But finally the name Banga was suggested. The next president will be appointed through a formal election. But America's nomination is ultimately effective, say experts.

The World Bank is mainly run by America. And the IMF is run in Europe.

Earlier, David Malpass was the head of the World Bank. He was appointed under Donald Trump. The president of the World Bank is usually elected for a five-year term. But a year ago, Malpas was retiring from work.