So the solution I figured out was to switch to terminal from the blank login screen; where I was unable to see nothing. Press CTRL+ALT+F2 to switch to Terminal. Then log into your account and hit the following command to remove the NVIDIA drivers completely from your system:
sudo apt-get remove --purge nvidia-*
You should be getting a message as displayed in the image below:
Confirm by pressing 'y or Y' to delete.
Once deleted restart your computer and install the compatible driver version.
In my case I had TimeShift installed which is a software that allows feature just like Windows Restore through which I restored my computer to the state just before it was updated.