HI Arularasan
I tested host_msd_fatfs for both USB0 and USB1. They both work well.
Please check the jumper setting.
For USB0 (USB FS), board jumper settings are as below
J9 2-3 full speed mode; J10 shunt full speed; J11 2-3, J12 2-3, J13 2-3 , need provide external power through J1.

For USB1 (USB HS), board jumper settings are as below
J9 1-2 high speed mode; J10 open high speed; J11 2-3, J12 2-3, J13 2-3 , need provide external power through J1.

As the default code is for FS USB. To work with HS USB, revise source\usb_host_config.h macro as below :
#define USB_HOST_CONFIG_OHCI (0U)
#define USB_HOST_CONFIG_IP3516HS (1U)
Jun Zhang