LIC, Other Insurers, Banks, I-T Offices To Remain Open On March 30, 31; Know Why

Irdai directive aims to prevent inconvenience to policyholders as the financial year concludes on March 31, coinciding with a Sunday this year

LIC assured that its branches falling under respective zones and divisions would maintain regular business hours on March 30 and 31.

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The Insurance Regulatory and Development Authority of India (Irdai) has issued an advisory asking insurance companies to maintain operational offices on March 30 and March 31. This directive aims to prevent inconvenience to policyholders as the financial year concludes on March 31, coinciding with a Sunday this year.

Irdai in a communication highlighted the importance of uninterrupted services for policyholders, instructing insurers to uphold normal working hours during the specified dates. The regulator further urged insurers to publicise this special arrangement adequately.

Press Release: Special Measures for extending services to Policy Holders of LIC of India#LIC pic.twitter.com/qH4oNVe7Gi

— LIC India Forever (@LICIndiaForever) March 28, 2024

Irdai directive

Responding to the advisory, Life Insurance Corporation (LIC), the nation's largest insurer, affirmed its commitment to keeping its offices operational during the weekend. LIC assured that its branches falling under respective zones and divisions would maintain regular business hours on March 30 and 31.

RBI order for banks

Parallel to Irdai's directive, the Reserve Bank of India (RBI) has also instructed banks to ensure the functioning of designated branches throughout the weekend for government-related transactions. The RBI highlighted the government's request to facilitate transactions on March 31, aligning with the fiscal year-end.

Furthermore, the RBI disclosed that offices dealing with government business would remain operational during regular working hours over the weekend. However, it noted the suspension of Rs 2,000 banknote exchange and deposit services on April 1, resuming on April 2 due to annual account closure procedures.

Transactions pertaining to government payments, pensions, provident funds, and other essential services will continue uninterrupted. Additionally, National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS) services will remain available until midnight on March 31.

Income Tax offices to remain open

In addition to financial institutions, the Income Tax (I-T) department has announced its operation during the weekend to address pending departmental tasks. This collective effort aims to ensure seamless financial activities during the critical period of fiscal transition.