I check the connections and polarity again. They seem correct, unless my assumption about the jumpers on the power supply is wrong. But I do not have a multimeter to check the voltage being supplied.
I think this was a good catch (thanks!). I'll see how I can verify the voltage (may be, Arduino's ADC?)
I also wanted to add that the power supply LED goes off (see attached video) when I connect the CH_PD pin to Vcc, which I assume is because it is unable to supply or is getting short-circuited
Thanks for your attention guys!!