Hi All,
I downloaded and installed ODTwithODAC1110720 from Oracle site.
Added the reference Oracle.DataAccess and in code added imports Oracle.DataAccess.Client and Oracle.DataAccess.Types and changed connection string syntax -
"Data Source=data source name; User Id=username; Password=password"
Now, it's working.
So it's really not giving folder permission but something more than that.
Thanks for support!!