Hello Deepak,
Have you activated appropriate BC sets for Rule Sets?
In case you have activated ONLY "GRAC_RA_RULESET_COMMON" then this problem might occur, as this does not contain Function to Action / permission mapping.
Ensure you have activated "GRAC_RA_RULESET_SAP_R3" for ECC or any other rule set that you may need for your setup.
Also make sure the tables GRACFUNCACT and GRACFUNCPRM are populated.
Thanks
Sammukh