3534979 - Unable to connect application server to HANA database while SSL/TLS is enabled

While connecting application server to HANA database when SSL/TLS is enabled, it throws below error in dev_w* traces-:

C  connect property [ENCRYPT = TRUE]
C  connect property [sslHostNameInCertificate = XXX]
C  connect property [sslCryptoProvider = commoncrypto]
C  connect property [sslKeyStore = Y:\usr\sap\D80\D22\sec\SAPSSLC.pse]
C  connect property [sslTrustStore = Y:\usr\sap\D80\D22\sec\SAPSSLC.pse]
C  *** ERROR => Connect to database failed, rc=1, rcSQL=-10709
 [dbhdbsql.cpp 630]
C  SQLCODE    : -10709
C  SQLERRTEXT : Connection failed (RTE:[300005] SAP crypto lib is not available: SECUDIR unknown or default SECUDIR \
C               not found in environment )
B  ***LOG BV3=> severe db error -10709; work process is stopped [dbsh         1324]
M  ***LOG R19=> ThDbConnect, db_connect () [thxxtool.c   6114]
M  ThIErrHandle: in_ThErrHandle: 1
M  *** ERROR => ThInit: db_connect (step TH_INIT, thRc ERROR-DB-CONNECT_ERROR, action STOP_WP, level 1) [thxxhead.c   2855]

SAP HANA, platform edition 2.0

Connect to database failed, rc=1, rcSQL=-10709, SSL, SECUDIR, SAP crypto lib, HANA client , KBA , HAN-DB-SEC , SAP HANA Security & User Management , Problem