Current Affairs April 2015

ISRO successfully tests indigenous cryogenic engine with four-tonne capacity

Indian Space Research Organisation (ISRO) on 28 April 2015 successfully tested an indigenous cryogenic engine. This engine will allow launch vehicles to carry satellites of up to capacity of four tonnes in geostationary orbit. It will also give boost to India’s interplanetary probes and manned space missions.
Facts about cryogenic engine

• A cryogenic engine is more efficient as it provides more thrust for every kilogram of propellant burnt. 
• Cryogenic fuels are extremely clean as they give out only water while burning. 
• The engine uses liquid oxygen at -2530C and liquid hydrogen at -1830C It can develop the thrust needed in the final state of the rocket to put satellites, weighing two tonnes or more, into a geosynchronous orbit. 
• It is essential to master this technology for any space power as launching heavier satellites requires cryogenic engines even in the lower stages of the rocket. 
• It will also make India self-reliant in sending heavier satellites to the required orbits and eliminate need of dependence on foreign launch vehicles.

It should be noted that India sixth spacefarer after US, Russia, the European Space Agency, China and Japan to develop a cryogenic engine. Earlier in January 2015, India had successfully launched GSLV-D5, the first successful launch vehicle with an indigenous cryogenic engine. But it had capacity to launch satellites of up to two tonnes.

Raja Rajeswari, first Indian-American woman judge of New York

Ms. Raja Rajeswari became the first Indian-born woman to be appointed a judge in New York City. She was sworn-in as a criminal court judge in New York by Mayor Bill de Blasio along with 27 other judges. They were appointed as judges earlier to the Family Court, Criminal Court, and Civil Court, which are part of the New York State Unified Court System. Previously, Rajeswari had worked for her entire career with the Richmond County District Attorney’s (DA) Office in several bureaus such as Criminal Court, Sex Crimes Special Victims Bureau and Narcotics, Supreme Court. Prior to this appointment she had served as Deputy Chief of the Special Victims Unit for more than four years in DA’s office. Ms. Rajeswari  was born in Chennai and had migrated to United States when she was 16. Apart from her legal acumen, she is also an accomplished Bharathanatyam and Kucchipudi dancer. Currently, there are two male judges of Indian descent in civil court settings. They are Jaya Madhavan in the New York City Housing Court in Bronx County and Anil C. Singh of 1st District of New York County Supreme Court.

Novelist Siddhartha Gigoo wins 2015 Commonwealth Short Story Prize in Asia region

Novelist Siddhartha Gigoo has won 2500 pounds 2015 Commonwealth Short Story Prize in Asia region for his novel Umbrella Man. With this win he will compete with the other four regional winners for the 5000 pounds grand prize which will be announced in London on 8 September 2015.

Other region winners are African Region: 

• Lesley Nneka Arimah (Nigeria) for Light. 
• Canada and Europe Region: Jonathan Tel (UK) for The Human Phonograph. 
• Caribbean Region: Kevin Jared Hosein (Trinidad) for The King of Settlement 4. 
• Pacific Region: Mary Rokonadravu (Fiji) for Famished Eels.

Loretta Lynch sworn-in as first black female Attorney General of US

Loretta Lynch has sworn-in as United States’ first African-American woman Attorney General. She is 83rd Attorney General of country. Loretta Lynch succeeded Eric Holder who left the position on April 24, 2015 after serving Attorney General for six years. Earlier, her appointment was confirmed by senate on April 23, 2015. Prior to this appointment she had served as US Attorney for the eastern district of New York, which encompasses much part of New York City. Lynch was born on May 21, 1959 in Greensboro, North Carolina. She is graduate from Harvard College in 1981 and holds Bachelor of Arts in English and American literature. She also holds a Juris Doctor from Harvard Law School (1984).

Capgemini acquires IGATE for $4 bn in all-cash deal

French IT services firm Capgemini has announced its plan to acquire US based information technology (IT) outsourcer IGATE for US 4 billion dollars. This acquisition will help Capgemini to strengthen its foothold in the North American market. As per the merger agreement, Capgemini will acquire IGATE for a cash consideration of $ 48 per share and the whole transaction will amount to $4 billion. This transaction is expected to close in the second half of 2015 and will be financed through a combination of cash and equity. The combined entity will have revenue of estimated 12.5 billion euros in 2015 and around 1.9 lakh employees. This merger is also one of the largest in the Indian IT sector. This acquisition will also provide Capgemini offshore capabilities to compete with IBM, Accenture and large Indian infotech services players. 

Parliament passes Regional Rural Banks (Amendment) Bill, 2014

Parliament has passed Regional Rural Banks (Amendment) Bill, 2014. It was first passed in Lok Sabha on December 22, 2014 and later in Rajya Sabha on April 28, 2015. This bill amends Regional Rural Banks Act, 1976 and aims to strengthen the Regional Rural Banks (RRBs) and deepen their financial inclusion.

Key facts about Regional Rural Banks (Amendment) Bill, 2014

• Authorised capital: This amendment bill increases the authorised capital of each Regional Rural Bank (RRB) from Rs 5 crore to Rs 2000 crore divided into Rs 200 crore of fully paid share of Rs 10 each. 
• As per the parent Act the Rs 5 crore share capital of RRBs is split into 5 lakh shares of Rs 100 each. 
• Issued capital: It also provides that the authorised capital issued by any RRB’s shall not be reduced below Rs 1 crore and shares in all cases to be fully paid up shares of Rs 10 each. 
• Shareholding: The Bill allows RRBs to raise capital from sources other than the central and state governments, and sponsor banks. Board of directors: The Bill adds provision that any person who is a director of an RRB is not eligible to be on the Board of Directors of another RRB. 
• It also mentions that directors will be elected by shareholders based on the total amount of equity share capital issued to such shareholders. Tenure of directors: The bill raises the tenure of directors to 3 years from existing 2 years. 
• The Bill also states that no director can hold office for a total period exceeding six years. Closure and balancing of books: The parent Act had provision which mentioned that the balance books of RRBs should be closed and balanced by 31st December every year. 
• However this amendment bill changes this date to 31st March in order to bring RRB’s balancing of books in uniformity with the financial year.

It should be noted that the parent Act of 1976 mainly has provisions for the incorporation, regulation and winding up of RRBs.