Solution : The 3rd TOP 5 Wait Event 'log file switch' indicates there is a problem with Checkpoint and Switching. It directly relates to a problem with the size of the online redo log files. According to the statpack we found that there are 70 + switches perfoemd by the database per hour and also a Delete Statement was found as the TOP CPU Consuming Statement, It clearly states that there is a bottleneck during the delete operation as much redo will be generated and because of small online redo log files, switched are happening frequently which in turn making the delete statement wait for log switch to perform. Also the delete statement is using the Index which is the cuase for the first 'db file sequential read ' wait event.
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