Its done now. Still don't know how.
This is the error shown at Point 4 on doing yum install ftp ------->>>"ftp://192.168.122.248/pub/repodata/repomd.xml: [Errno 14] FTP Error 500 - Access denied: 500"... Any help will be appreciated. (A newbie in CentOS 7)
Its done now. Still don't know how.