hi Suneeth,
Please have a look at following note. It might be helpful to resolve the ORA-01031: insufficient privileges
Note 400241 - Problems with ops$ or sapr3 connect to Oracle
Note 91216 - BRBACKUP/SAPDBA: ORA-01031 Insufficient privileges
Note 900525 - BRCONNECT fails with ORA-01031 at location BrDdartRead-1
Regards,