Hello, Anerol C
Michael has provided you with good information, however I must stress that, if you choose to develop a generic program/procedure for locking and tagging out of equipment, you should also supplement it with equipment or machine-specific procedures. Doing this will further ensure that your LOTO program will be effective and remain in compliance with the OSHA requirements of 29 CFR 1910.147.
TIP: If you also have a legal compliance plan in place, this category should be added to that plan as a periodic checking mechanism. Any deficiencies in your LOTO program will be identified through a robust legal compliance evaluation.
Brian