Sunday working: LIC, other insurance companies, banks, income tax offices to remain open on March 31; Here’s why

In view of the advisory issued by the Insurance Regulatory and Development Authority of India (IRDAI), insurance companies will keep their offices open on Sunday, March 31.

To avoid any hassle to policyholders at the end of the financial year 2023-24, the regulator advised insurance companies to keep their offices open on March 30 and March 31. Since 31st March this year is Sunday which marks the end of the financial year. year, this decision was taken by the regulatory body.

In a communication, the IRDAI advisory said, “To avoid any hardship to policyholders, insurers have been advised to keep their branches open as per normal working hours on March 30 and 31, 2024.”

Also read: RBI deputy governor urges banks to do prudent risk management

The insurance body urged insurers to heed the advice. IRDAI made this special arrangement to keep branches open on weekends and appealed to insurers to provide adequate publicity for this development.

What did LIC say?

Life Insurance Corporation (LIC) offices will remain open and function as per normal working hours on March 30 and March 31. LIC said it will keep offices under the jurisdiction of its zones and divisions open for normal operations.

Also read: Bank holidays in April 2024: Banks will remain closed for 14 days. View full list

Will banks be open on Sunday, March 31?

The Reserve Bank of India (RBI) in a notification urged banks to remain open and keep their branches operational for government-related transactions during normal working hours on March 31.

The central bank's notice reads, “The Government of India has requested to keep all branches of banks dealing with government receipts and payments open for transactions on March 31, 2024 (Sunday) so that accounts of all government transactions related to . Receipts and payments only in the financial year 2023-24.”

“Accordingly, agency banks are advised to keep all their branches dealing with government business open on March 31, 2024 (Sunday),” the RBI advisory further said.

Income tax offices open today?

The Income Tax Department had informed earlier this month that it will not observe the long weekend at the end of March. IT offices will remain operational on March 31 to facilitate individuals to meet tax obligations and complete pending tax-related work.

“To facilitate completion of pending departmental work, all Income Tax offices across India will remain open on March 29, 30 and 31, 2024,” the Income Tax Department said in a March 18 notice.

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Published: March 31, 2024, 07:37 am IST

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