Thanks again Christiane, I will look more into the INS_DBCON_ENTRY_SDB function. But when i checked the source code for this module, it is used for inserting a new connection entry, and not for updating an already existing one. but anyways i can always delete the outdated entry and use this function to add new one with the correct passwords.
Now, will this INS_DBCON_ENTRY_SDB function be remote enabled in all versions?
If it is then i think i have the solution in my hand now. 
Regards,
Lalu George