Hi Rahul,
just to round this off, for anybody facing the same issue. I guess you may have found the solution yourself in the meantime?
I think the problem in your case above was that, in table V_TBCA_RTW_LINK, you connected the release Object "BNK_INI" with Release Proc WF 50100024, while you should have connected it to 31000004.
The fact that the column "Release Workflow" has been deleted in this table in newer SAP Versions, and only the "Release Proc WF" column is left, may be a bit confusing...
Also, in my case I had to enter the line with release object BNK_INI manually in table V_TBCA_RTW_LINK, which seems strange given the fact that I had already linked the object against the workflow through transaction BNK_BNK_INI_REL01, as explained in note 1041016.
Somehow, this however did not translate into the corresponding entry in above table.
In any case, now it works! 
Hope this is the same for you.