Thank you for your responses. One small correction regarding the size of the sd card. It's a 16 gb card on which I've created a 2gb partition.
Here are the pictures of the module, the arduino's digital pins in use and a picture depicting 5v and 3.3v supply to sd card module going from arduino.
And I'm not sure about the level shifters/converts. Can you find that out by looking at the pictures?
I can try out formatting using the tool that you gave a link to. is it causing problem?
I haven't worked a lot on Arduinos but know a bit about electronics, any help will be greatly appreciated.