I've inserted the following settings in the constraints (xdc) file and board started to work correctly.
set_property BITSTREAM.CONFIG.EXTMASTERCCLK_EN div-1 [current_design]
set_property BITSTREAM.CONFIG.BPI_SYNC_MODE Type1 [current_design]
set_property BITSTREAM.GENERAL.COMPRESS TRUE [current_design]
set_property BITSTREAM.CONFIG.UNUSEDPIN Pullup [current_design]
set_property CFGBVS GND [current_design]
set_property CONFIG_VOLTAGE 1.8 [current_design]