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Hi Harshad,
You could use bootargs to set the baud rate of the serial interface to 460800 bps.
There is an example for setting the bootargs via boot.scr file:
setenv bootargs 'console=ttyS2,460800n8 root=/dev/mmcblk0p2 rootfstype=ext3 rootwait'
BR
Tsvetolin Shulev