@prachi167 : the VO mainly had issues with your plan of studies, not financial background. Reading backwards: "The applicant's plan of studies seems to be vague and poorly documented. The applicant doesn't seem to be sufficiently well established that the proposed studies would be a reasonable expense." I read it as you're spending a lot for something which is vague and not useful.
I'd suggest rewrite the SOP and reapply. Some third parties also can do an appeal, but am not sure how that works as there is no formal process.