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No Casualties in Massive Fire At ONGC’s Surat Plant After 3 Blasts.

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Several fire department officials of the Surat Municipal Corporation as well as from other companies at Hazira are present at the spot.

Three consecutive blasts led to a massive fire in the main terminal line at ONGC’s Hazira plant in Surat city early on Thursday. No casualties have been reported so far by the district administration.

Surat district collector Dr Dhaval Patel said, “The incident took place at ONGC Hazira plant where a vapour cloud of hydro carbon was sighted. A fire broke out at 3.05 am after three consecutive blasts. Several fire tenders are at the spot and are trying to bring the blaze under control.

incident took place at ONGC Hazira plant where a vapour cloud of hydro carbon was sighted.

He added: “The fire took place in the gas terminal plant and the technical activity to reduce the air pressure has been carried out by the ONGC officials. Slowly, the fire is being brought under control. There is no need to shift the people in the area. No casualties have been so far reported.”

fire department officials of the Surat Municipal Corporation as well as from other companies at Hazira are present at the spot.

Several fire department officials of the Surat Municipal Corporation as well as from other companies at Hazira are present at the spot.

Several cops are also deployed at the site. The incident has also resulted in traffic along the main road.

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RBI issues guidelines for SRO’s for payment system operators.

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The Reserve Bank on Thursday issued final guidelines, including the framework, to set up a self-regulatory organisation for payment system operators as part of its payment and settlement systems vision.

The Reserve Bank on Thursday issued final guidelines, including the framework, to set up a self-regulatory organisation for payment system operators as part of its payment and settlement systems vision. The framework will enable the central bank to recognize a self-regulatory organisation (SRO) for payment system operators (PSOs). The plan was announced in February 2020 monetary policy. “Interested groups/association of PSOs (banks as well as non-banks) seeking recognition to be an SRO may apply to the chief general manager, department of payment and settlement systems at the RBI,” the regulatory circular said.

An SRO is a non-governmental organisation that sets and enforces rules and standards relating to the conduct of its members to help protect customers and promote ethical and professional standards.

An SRO can help frame rules for system security, pricing practices, customer protection measures, grievance redressal mechanisms, among others, and is expected to resolve the disputes among the members internally through mutually accepted processes to ensure that members operate in a disciplined environment and even accept its penal actions.

The central bank said the SRO shall be set up as a not-for-profit company under the Companies Act of 2013 and only regulated payment system entities such as banks and non-bank PSOs can be members of the SRO.

At least one-third of the members on the board of directors of the SRO shall be independent and not associated with member institutions.

The board shall frame a code of conduct for the members.

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