Ok, So I figured it out together with the help of other users.
Basically, the problem is also discussed here :
So, the solution for me was :
a) Set Collision radius from 10 to 0.1 (that in itself is not enough).
b) Change the physical asset of my chracter so that the collision shapes will not stick out much.
I will attach a photo. One picture can speak a thousand words as they say.
Hope this helps.
All the best.
