March 31 marks the end of the financial year and falls on a Sunday this year owing to which this decision was taken by the insurance body.
The Insurance Regulatory and Development Authority of India advised insurance companies to keep their offices open on March 30 and March 31 to avoid any distress to policyholders, the regulator said in a communication. It said, “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.”
March 31 marks the end of the financial year and falls on a Sunday this year owing to which this decision was taken by the insurance body.
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Irdai has asked the insurers to take note of the advisory and provide adequate publicity to the special arrangement being made to keep the branches open over the weekend.
What LIC said?
Life Insurance Corporation said it will keep the offices under the jurisdiction of its zones and divisions open for normal operations. The offices will be open as per the normal working hours on March 30 and March 31.
Will banks be open on these two days?
Yes, the Reserve Bank of India asked banks to keep their designated branches open during the normal working hours over the weekend for government-related transactions.
“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. Accordingly, agency banks are advised to keep all their branches dealing with government business open on March 31, 2024 (Sunday),” the central bank said.
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What other facilities will be available on these two days?
Transactions related to payments by central and state governments, pension, public provident fund and senior citizen savings schemes will remain open. National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) will also be available till midnight of March 31.
