Now in the new OIM web console all user encrypted details like security questions are being displayed as encrypted values.
Well it turned out that the fix for this is to copy 4 files from existing working OIM weblogic domain to the new OIM weblogic domain for it to correctly work.
- .xldatabasekey (<OIM_WebLogic_Domain>\config\fmwconfig\.xldatabasekey)
- cwallet.sso (<OIM_WebLogic_Domain>\config\fmwconfig\cwallet.sso
- default-keystore.jks (<OIM_WebLogic_Domain>\config\fmwconfig\default-keystore.jks
- xlserver.cert (<OIM_WebLogic_Domain>\config\fmwconfig\xlserver.cert
start/restart the Oracle Identity Manager Managed Server