Mumbai (Maharashtra) [India], Dec 3 (ANI/NewsVoir): The Economic Times Awards for Corporate Excellence named Ajay Banga, President and Chief Executive Officer of Mastercard, as 'Global Indian of the Year'.
The award was presented in a ceremony held in Mumbai last week. Amit Shah, Union Minister of Home Affairs, Nirmala Sitharaman, Union Minister of Finance and Corporate Affairs and Piyush Goyal, Union Minister of Railways and Commerce graced the occasion along with stalwarts of corporate India.
The award acknowledges Ajay Banga's leadership that has helped Mastercard to register unprecedented financial growth. Since he took the helm of the payments technology company in July 2010, Mastercard's net income has increased four times to US$ 2 billion for the quarter through June 2019 from US$ 458 million in 2010. The rise in income also resulted in better returns for shareholders as shares have risen 10-fold during the period. Mastercard's market capitalization currently stands at close to US$ 270 billion.
Under Ajay Banga's leadership, Mastercard has diversified revenue away from consumer credit cards towards more predictable commercial payments and debit and prepaid cards. Mastercard has also added new streams of services such as data analytics, consulting and loyalty platforms. On the culture front, Ajay Banga has always maintained a laser-sharp focus on creating an inclusive and enabling work environment at Mastercard. He insists on nurturing the company's Decency Quotient which ensures that leaders and employees demonstrate decency towards their colleagues to create an environment where everyone feels respected, valued and cared for.
Addressing the award ceremony through a video address, Ajay Banga said, "It is an incredible honor to receive this recognition. It is a testament to what we can accomplish when we combine a culture of decency with a solid business strategy that includes actions to solve societal issues. But you know, they say it takes a village; in my case, I am very fortunate to have terrific employees and partners who inspire, cajole, guide and assist me every day."
In 2016, Ajay Banga was honored with the Padma Shri Award by the President of India. In 2019 he was named the Empower Ethnic Minority Role Model, received the Ellis Island Medal of Honor and was ranked amongst the top 10 best-performing CEOs in the world by Harvard Business Review. Banga also featured in Fortune's list of the World's Leading Businesspersons and received the Leadership Award from the Business Council for International Understanding.
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