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

RBI has urged banks to keep branches open on March 31 for government transactions pertaining to financial year 2023-24, since March 31 falls on a Sunday this year which marks the end of the financial year.

The Reserve Bank of India in a notification urged banks to remain open and keep their branches functional for government-related transactions on March 31.Premium
The Reserve Bank of India in a notification urged banks to remain open and keep their branches functional for government-related transactions on March 31.

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

To avoid any distress 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 March 31 falls on a Sunday this year which marks the end of the financial year, this decision was taken by the regulatory body.

In a communication, the IRDAI advisory stated, “In order to avoid any hardship to the policyholders, the 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 exercise prudent risk management

The insurance body urged the insurers to take note of the advisory. The IRDAI made this special arrangement to keep the branches open over the weekend and appealed to the insurers to provide adequate publicity to this development.

Also read: Buy or sell: Is it wise to accumulate SBI, HDFC Bank shares in FY25? — explained

Here's what LIC said

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

Also read: Bank holidays in April 2024: Banks to remain shut for 14 days. Check 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 functional for government-related transactions during the normal working hours on March 31.

The central bank notice reads, “The government of India has made a request to keep all branches of the banks dealing with Government receipts and payments open for transactions on March 31, 2024 (Sunday) so as to account for all the government transactions relating to receipts and payments in the FY2023-24 itself."

The RBI advisory further stated, "Accordingly, agency banks are advised to keep all their branches dealing with government business open on March 31, 2024 (Sunday)."

Income-Tax offices open today?

The Income-Tax department earlier this month informed  that it will not be observing this long weekend at the end of March. The IT offices will remain operational on March 31 to allow individuals to fulfill tax obligations and facilitate the completion of pending tax-related tasks.

The Income-Tax department in notice dated March 18 stated, "To facilitate completion of pending departmental work, all the Income Tax Offices throughout India shall remain open on 29th, 30th and 31st March 2024." 

 

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Published: 31 Mar 2024, 07:37 AM IST
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