1. A method for performing Optical Character Recognition (OCR) of an article, the method comprising: acquiring, by an image processing apparatus, an image of the article; scanning, by the image processing apparatus, the image of the article using predetermined scan settings; identifying, by the image processing apparatus, textual regions of the scanned image of the article by: segregating the scanned image of the article into the textual regions and image regions, wherein the segregation is based on a boundary detection technique comprising: performing block segmentation and block identification on the scanned image, wherein the block segmentation comprises segmenting the image of the article into a plurality of non-overlapping blocks based on performing recursive segmentation on the image of the article, and wherein the block identification comprises extracting connected components and image boundary features from the non-overlapping blocks, wherein a verification is performed to determine whether the connected components and the image boundary features characterize the non-overlapping blocks of the image of the article, and wherein each of the non-overlapping blocks is segregated into the textual region and image region based on the verification; and marking, upon segregating the scanned image, the textual regions and the image regions based on a scan quality of the scanned image of the article; performing, by the image processing apparatus, the OCR of the textual regions using predetermined OCR settings; marking, by the image processing apparatus, one or more textual regions of the textual regions upon determining an error in performing the OCR of the one or more textual regions; and iterating, by the image processing apparatus, the OCR of the one or more textual regions as per one or more predefined OCR scanning parameters based on an OCR quality of the one or more textual regions upon marking the one or more textual regions, wherein iterating the OCR comprises scanning the one or more textual regions with a pre-determined resolution quality.