ESP32-CAM PSRAM Initialization failure and Timed out waiting for packet header Error

I resolved the issue that was challenging my patience.
Here is what I did :

  1. I removed the connection between IO0 pin and Gnd
  2. I opened the serial monitor of Arduino IDE.
  3. I pressed the on-board RESET button that gave the following output :
ets Jun  8 2016 00:22:57

rst:0x1 (POWERON_RESET),boot:0x13 (SPI_FAST_FLASH_BOOT)
flash read err, 1000
ets_main.c 371 
ets Jun  8 2016 00:22:57

rst:0x10 (RTCWDT_RTC_RESET),boot:0x13 (SPI_FAST_FLASH_BOOT)
configsip: 0, SPIWP:0xee
clk_drv:0x00,q_drv:0x00,d_drv:0x00,cs0_drv:0x00,hd_drv:0x00,wp_drv:0x00
mode:DIO, clock div:1
load:0x3fff0018,len:4
load:0x3fff001c,len:1216
ho 0 tail 12 room 4
load:0x40078000,len:10944
load:0x40080400,len:6388
entry 0x400806b4

.....
WiFi connected
Starting web server on port: '80'
Starting stream server on port: '81'
Camera Ready! Use 'http://192.168.43.40' to connect

  1. I entered the URL 'http://192.168.43.40' and saw the default webpage of ESP32 CAM. I kept settings as they were and clicked the "Get Still" button. Here is the screenshot :

Thank you @Idahowalker @ZX80 @kgray9 for helping me out.

Shaunak