Dr. Banga founded The Caravel Group in 2013 and has been the key architect in the establishment, growth, and expansion of the Group since its inception. Dr. Banga is actively involved in managing the Group and serves on the Board of (and Chairs) each of the Caravel Group subsidiary companies, as well as all Management Committees. Before founding The Caravel Group, Dr. Banga was the Vice Chairman of Noble Group, a leading global supply chain manager of commodity products, listed on the Singapore Stock Exchange, which he helped to establish in 1989. In addition, Dr. Banga is the Founder of the Forum of Indian Professionals in Hong Kong.

He founded the Caravel Foundation Lited, which focuses on education and healthcare for underprivileged children, primarily in Hong Kong, India, and China. The Foundation supports various charitable and educational ventures.

Dr. Banga was awarded an Honorary Doctor in Business Administration for his significant contributions to education and the well-being of society from the City University of Hong Kong (CityU) in 2020. In addition, he also holds the title of Honorary Fellow of CityU, which was conferred in October 2018. In addition, he is a Member of the Court of CityU, an Honorary Vice President of the CityU Foundation. Dr. Banga is also a Member of the Steering Committee of the Capital Campaign program for CityU. In 2011, the then President of India, Mrs. Pratibha Patil, conferred the prestigious Pravasi Bharatiya Samman Award to Dr. Banga. He has also received various awards for his business and lifetime achievements.