SVN error saying the client is too old

Dear Pycharm supports,

I am getting this error whenever I attempt SVN related operations in Pycharm.

svn: E155021: This client is too old to work with the working copy at
'..er' (format '31').

I have installed win32 svn 1.8.3 and configured Pycharm's SVN 1.7 Acceleration option to
C:\Program Files (x86)\Subversion\bin\svn.exe. I am able to perform SVN operations via command lines on DOS prompt.

Do I miss anything in my configuration?

Thanks