React Native IOS - After upgrading "react": "17.0.2" & "react-native": "0.67.3" I'm getting this below error while bundling the project

Question

error index.js: [BABEL] /Users/suresh/Suresh/Projects/myproject/index.js: .plugins is not a valid Plugin property.
Error: [BABEL] /Users/suresh/Suresh/Projects/myproject/index.js: .plugins is not a valid Plugin property
    at /Users/suresh/Suresh/Projects/myproject/node_modules/@babel/core/lib/config/validation/plugins.js:65:42
    at Array.forEach (<anonymous>)
    at validatePluginObject (/Users/suresh/Suresh/Projects/myproject/node_modules/@babel/core/lib/config/validation/plugins.js:54:20)
    at /Users/suresh/Suresh/Projects/myproject/node_modules/@babel/core/lib/config/full.js:292:55
    at Generator.next (<anonymous>)
    at Function.<anonymous> (/Users/suresh/Suresh/Projects/myproject/node_modules/@babel/core/lib/gensync-utils/async.js:25:3)
    at Generator.next (<anonymous>)
    at evaluateSync (/Users/suresh/Suresh/Projects/myproject/node_modules/gensync/index.js:251:28)
    at Function.sync (/Users/suresh/Suresh/Projects/myproject/node_modules/gensync/index.js:89:14)
info Run CLI with --verbose flag for more details.
suresh@MLRML5MD6M myproject % 

Details:

• "react": "17.0.2" & "react-native": "0.67.3"

• iOS - 15.0

• Xcode 13.0