As per the instructions provided in the below link, we followed:
https://docs.snowflake.com/en/user-guide/key-pair-auth
Post creating the Private and Public Keys using the openssl tool commands, assigning the public key to the user in snowflake resolved the issue.
Key things to remember: When creating the linked service for Snowflake, please provide valid account name in the below format:
<myorg-account123>.snowflakecomputing.com
Thanks,
Ravi