The move comes as the US increases pressure on the bank to put more emphasis on tackling climate change.
Mr Banga led credit card giant Mastercard for more than a decade and now works in private equity.
US officials said he had the experience to help the bank work with the private sector towards its goals.
It is up to the bank's board to officially appoint its next head.
Mr Banga is a US citizen, Mr Banga started his career in his native India, where his father was an officer in the army.
He worked at Nestle and Citigroup before joining Mastercard.
Mr Banga retired from the firm in 2021 and now serves as a vice chairman at General Atlantic, a private equity firm, where he sits on the advisory board of its $3.5bn climate fund.
He has also worked with the White House as co-chair of the Partnership for Central America, an initiative aimed at increasing private sector investment in the area, to try to stem the flow of migrants to the US.
Mr Banga's decades in business might help inspire confidence in the bank in Congress, including from Republicans, who often criticise international organisations, said Amanda Glassman, executive vice president at the Center for Global Development.
Source: www.bbc.com
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