Bootstrap node not booting up due to wrong proxy settings in OCP 4

Issue

The bootstrap node was not booting up as it wasn't able to pull the images from quay.io. The installation logs were throwing the error:

// No proxy settings
bootstrap.xyz.local systemd[1]: Starting Download the OpenShift Release Image...
bootstrap.xyz.local release-image-download.sh[1252]: Pulling quay.io/openshift-release-dev/ocp-release@sha256:xxxxxxxx.
bootstrap.xyz.local podman[1262]: 2020-07-07 07:10:22.213813068 +0000 UTC m=+1.979896707 system refresh
bootstrap.xyz.local release-image-download.sh[1252]: Error: error pulling image "quay.io/openshift-release-dev/ocp-release@sha256:xxxxx": unable to pull quay.io/openshift-release-dev/ocp-release@sha256:xxxxxx: unable to pull image: Error initializing source docker://quay.io/openshift-release-dev/ocp-release@sha256:xxxxx: error pinging docker registry quay.io: Get https://quay.io/v2/: proxyconnect tcp: dial tcp xx.xx.xx:xx: i/o timeout
bootstrap.xyz.local release-image-download.sh[1252]: Pull failed. Retrying quay.io/openshift-release-dev/ocp-release@sha256:xxxxxxxxxx.

• At VM console shows worker nodes are stuck during boot, but master machines are accessible via SSH.

// With proxy settings
Sep 27 12:43:54bootstrap.xyz.localt release-image-download.sh[1755]: Error: Error initializing source docker://quay.io/openshift-release-dev/ocp-release@sha256:aba54b293dc151f5c0fd96d4353ced6ced3e7da6620c1c10714ab32d0577486f: error pinging docker registry quay.io: Get "https://quay.io/v2/": proxyconnect tcp: tls: first record does not look like a TLS handshake
Sep 27 12:43:54 bootstrap.xyz.local release-image-download.sh[1755]: Pull failed. Retrying quay.io/openshift-release-dev/ocp-release@sha256:aba54b293dc151f5c0fd96d4353ced6ced3e7da6620c1c10714ab32d0577486f...