rc-local.service: Main process exited, code=exited, status=203/EXEC

Issue

• rc-local.service getting failed and systemctl status shows below.

# systemctl status rc-local
● rc-local.service - /etc/rc.local Compatibility
   Loaded: loaded (/etc/systemd/system/rc-local.service; enabled; vendor preset: disabled)
   Active: failed (Result: exit-code) since Sun 2022-09-04 21:59:25 IST; 7h ago
  Process: 1206 ExecStart=/etc/rc.local (code=exited, status=203/EXEC)
 Main PID: 1206 (code=exited, status=203/EXEC)

Sep 04 21:59:25 lab09 systemd[1]: Starting /etc/rc.local Compatibility...
Sep 04 21:59:25 lab09 systemd[1]: rc-local.service: Main process exited, code=exited, status=203/EXEC
Sep 04 21:59:25 lab09 systemd[1]: rc-local.service: Failed with result 'exit-code'.
Sep 04 21:59:25 lab09 systemd[1]: Failed to start /etc/rc.local Compatibility.