I was able to resolve the issye yesterday itself.
Here is the resolution:
1. Updated the kernel
2. OPS$mechanism is replaced by SSFS. Followed a link
SSFS (Secure Storage in File System) configuration in Oracle db for SAP
rsecssfx pf=<drive>:\usr\sap\<SID>\SYS\profile\DEFAULT.PFL put DB_CONNECT/DEFAULT_DB_USER SAPSR3 -plain
rsecssfx pf=<drive>:\usr\sap\<SID>\SYS\profile\DEFAULT.PFL put DB_CONNECT/DEFAULT_DB_PASSWORD XXXXXXXX
After the above steps were done, the installation moved.
Regards,
Ankit