yum/dnf update fails with warning "Public Key for rpm is not installed", "Error: GPG check FAILED"

Issue

• yum/dnf update fails with warning "Public Key for rpm is not installed"

  Public key for package.<version>.rpm is not installed. Failing package is: Package.<version>
  GPG Keys are configured as: file:///etc/pki/rpm-gpg/RPM-GPG-KEY-redhat-release
  The downloaded packages were saved in cache until the next successful transaction.
  You can remove cached packages by executing 'yum clean packages'.
  Error: GPG check FAILED
  

  OR

  GPG Keys are configured as: file:///etc/pki/rpm-gpg/RPM-GPG-KEY-redhat-release
  The GPG keys listed for the "Red Hat Enterprise Linux 10 for x86_64 - BaseOS (RPMs)" repository are already installed but they are not correct for this package.
  Check that the correct key URLs are configured for this repository. Failing package is: gnupg2-2.4.5-3.el10_1.x86_64
  GPG Keys are configured as: file:///etc/pki/rpm-gpg/RPM-GPG-KEY-redhat-release
  The downloaded packages were saved in cache until the next successful transaction.
  You can remove cached packages by executing 'dnf clean packages'.
  Error: GPG check FAILED