Request failed with status 401 and error family CLIENT_ERROR

Summary:

External Rest API tool using basic authentication is giving the error -

Request failed with status 401 and error family CLIENT_ERROR

Content (please ensure you mask any confidential information):

I have defined the external rest api tool as below:

whenever i enter the password and click on Save, the password disappears and the Password is required for Basic Authentication message is displayed.

I click on Save and Close. Now i debug the workflow which uses the above External REST api tool and it gives me the below error:

Version (include the version you are using, if applicable):

26C

Code Snippet (add any code snippets that support your topic, if applicable):