Mr. Banga joins current Chair and Co-Founder of AIF, Lata Krishnan as Co-Chair.

"Ajay Banga is a singular talent whose personal and professional strengths promise to catalyze AIF to a whole new level," Ms. Krishnan remarked. "We are deeply grateful for Ajay's friendship and look forward to his contributions in strengthening AIF's presence in the U.S. and India."

In addition to his role at MasterCard, Mr. Banga is a member of President Obama's Advisory Committee for Trade Policy and Negotiations. He serves on the board of directors of the U.S.-India Business Council (USIBC), where he recently completed his tenure as its longest-serving chairman. Mr. Banga is also a member of the U.S.-India CEO Forum. He is a fellow of the Foreign Policy Association and was awarded the Foreign Policy Association Medal in 2012.

"I look forward to working with Lata and the entire AIF team as they continue to drive social and economic inclusion in India and build an even stronger bridge between the United States and India," said Mr. Banga. "I've seen the impact organizations like this can have on empowering individuals to live more productive lives. With the current pace of change, it's an exciting time to be joining this group."

Mr. Banga serves on the Executive Committee of the Business Roundtable. He is chairman of the Financial Services Roundtable, as well as vice chairman of the Business Council. He is a member of the International Business Council of the World Economic Forum, the Council on Foreign Relations, and the Economic Club of New York.

Prior to MasterCard, Mr. Banga was chief executive officer of Citigroup Asia Pacific. During his career at Citigroup, he held a variety of senior management roles in the United States, Asia Pacific, Europe, Middle East and Africa and oversaw its efforts in microfinance.

He is a graduate of Delhi University and the Indian Institute of Management, Ahmedabad.