Washington, Apr 16 (IANS): Ajay Banga, president & CEO of MasterCard Worldwide, has been elected next chairman of the US-India Business Council (USIBC), a trade association made of 350 top American and Indian companies.

Banga, who became the president and CEO of global payments and technology company in July, 2010, takes over from Harold "Terry" McGraw III, president, chairman, and CEO of The McGraw-Hill Companies.

"As a long time supporter and member of USIBC, I have witnessed the Council's stature and influence rise dramatically as a direct result of the iconic leadership provided by former chairs Chip Kaye, Indra Nooyi, and Terry McGraw," said Banga.

"It is an exceptional honour to be entrusted with such a legacy and I look forward to building on their successes."

Banga currently serves on the board of Kraft Foods and is a member of such prestigious groups as the Council on Foreign Relations, the Business Roundtable, and the Foreign Policy Association.

Banga's "deep business experience in India, as well his global business acumen and leadership, will be enormously helpful as we move forward to realise the full potential of closer US-India relations," said McGraw.

"By expanding the partnership between our two nations over the next several years, including passage of a bilateral investment treaty, we can move from $100 billion in two-way trade to $500 billion by the end of the decade," he added.

"MasterCard's activities in India empowering people via financial inclusion and making available to every segment of Indian society innovative payment solutions are central to the future US-India growth story," said USIBC President, Ron Somers.