ImportError: cannot import name AnsibleCollectionLoader after updating Ansible

Issue

Ansible playbooks gives below exception after performing yum update i.e.

ERROR! Unexpected Exception, this is probably a bug: cannot import name AnsibleCollectionLoader
the full traceback was:

Traceback (most recent call last):
  File "/usr/bin/ansible-playbook", line 92, in <module>
    mycli = getattr(__import__("ansible.cli.%s" % sub, fromlist=[myclass]), myclass)
  File "/usr/lib/python2.7/site-packages/ansible/cli/__init__.py", line 22, in <module>
    from ansible.inventory.manager import InventoryManager
  File "/usr/lib/python2.7/site-packages/ansible/inventory/manager.py", line 38, in <module>
    from ansible.plugins.loader import inventory_loader
  File "/usr/lib/python2.7/site-packages/ansible/plugins/loader.py", line 26, in <module>
    from ansible.utils.collection_loader import AnsibleCollectionLoader, AnsibleFlatMapLoader, AnsibleCollectionRef
ImportError: cannot import name AnsibleCollectionLoader