bt_settings: settings_subsys_init failed (err -33)

I built an application and tested it with DK, and it worked well. I then created a custom PCB and attempted to flash the application, but the BLE part is failing with the following error.

The peripherals are working fine. I read the post here, but it didn't help.

I am getting the following error:


<err> bt_settings: settings_subsys_init failed (err -33)
Bluetooth init failed (err -33)

CONFIG_BT=y
CONFIG_BT_PERIPHERAL=y
CONFIG_BT_MAX_CONN=1
CONFIG_BT_MAX_PAIRED=1

CONFIG_BT_SETTINGS=y
CONFIG_FLASH=y
CONFIG_FLASH_PAGE_LAYOUT=y
CONFIG_FLASH_MAP=y
CONFIG_NVS=y
CONFIG_SETTINGS=y

nrf52832 SDK v2.6.2

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