Ajay Banga, president and CEO of MasterCard Worldwide, has been elected chairman of the U.S.-India Business Council (USIBC). Banga takes over from Harold “Terry” McGraw III, president, chairman and CEO of The McGraw-Hill Companies, a press release from USIBC said.

“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,” Banga was quoted in the release as saying.

Banga joined MasterCard as president and chief operating officer in August 2009 and was named president and CEO effective July 1, 2010. He 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.

“The USIBC Board is delighted to have Ajay serve as chairman,” the release quoted McGraw as saying. “His deep business experience in India, as well his global business acumen and leadership, will be enormously helpful as we move forward to realize the full potential of closer U.S.-India relations.”

“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 U.S.-India growth story,” USIBC President Ron Somers was quoted as saying. “I look forward to working closely with Ajay and the USIBC board.”

The press release described USIBC as the premier business advocacy organization formed by the U.S. and Indian governments in 1975 whose purpose is to deepen two-way trade and strengthen commercial ties. Today, USIBC includes 350 top-tier U.S. and Indian companies that will gather in Washington, D.C., on June 12 to celebrate its 37th anniversary.