The issue was a combination of old version and a bug with Telerik on determining the group size of culture.
In my case, I was trying to format the number and currency in en-IN. The group size was given as [3,2,0] in the respective kendo culture file. This lead to the formatting of currency/number in wrong way like putting the separator (,) after 3 then 2 and no separator thereafter.
You can refer this link to get a work around to overcome this issue.
How can we format a currency using culture group size in Kendo numeric text box?