Unable to run Yum update on RHEL 7.3

Hi, I have just installed RHEL 7.3 in Oracle VM (OVM) and subscribed to Redhat (Subscription Manager) sucessfully, but when i do yum update i see below error directly.

Loaded plugins: langpacks, product-id, search-disabled-repos, subscription-manager

One of the configured repositories failed (Unknown), and yum doesn't have enough cached data to continue. At this point the only safe thing yum can do is fail. There are a few ways to work "fix" this:

1. Contact the upstream for the repository and get them to fix the problem.

2. Reconfigure the baseurl/etc. for the repository, to point to a working
   upstream. This is most often useful if you are using a newer
   distribution release than is supported by the repository (and the
   packages for the previous distribution release still work).

3. Run the command with the repository temporarily disabled
   yum --disablerepo= ...

4. Disable the repository permanently, so yum won't use it by default. Yum
   will then just ignore the repository until you permanently enable it
   again or use --enablerepo for temporary usage:

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   yum-config-manager --disable 
   

   or
   subscription-manager repos --disable=

5. Configure the failing repository to be skipped, if it is unavailable.
   Note that yum will try to contact the repo. when it runs most commands,
   so will have to try and fail each time (and thus. yum will be be much
   slower). If it is a very temporary problem though, this is often a nice
   compromise:

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   yum-config-manager --save --setopt=.skip_if_unavailable=true