Upon reading many wordpress forums, finally got a solution.
Simply follow the below steps to solve this,
1. Create a custom php.ini file in public_html folder. 2. Add the following lines in php.ini file: upload_max_filesize = 16M upload_tmp_dir = on upload_tmp_dir = /home/username/tmp Please make sure to replace username with your hosting username 3. Copy the same php.ini file to your wp_admin folder.