NFS filesystem mount fails with error `mount.nfs: access denied by server while mounting NFS share`

Issue

o Mounting NFS filesystem fails with following errors :

# mount -t nfs -o nfsvers=3 10.72.37.50:/data02 /nfsc_data02 -vvvv
mount.nfs: timeout set for Mon Feb 21 04:20:12 2022
mount.nfs: trying text-based options 'nfsvers=3,addr=10.72.37.50'
mount.nfs: prog 100003, trying vers=3, prot=6
mount.nfs: trying 10.72.37.50 prog 100003 vers 3 prot TCP port 2049
mount.nfs: prog 100005, trying vers=3, prot=17
mount.nfs: trying 10.72.37.50 prog 100005 vers 3 prot UDP port 20048
mount.nfs: mount(2): Permission denied
mount.nfs: access denied by server while mounting 10.72.37.50:/data02