Hello @kartik,
Try using this:
rename_column :table, :old_column, :new_column
You'll probably want to create a separate migration to do this. (Rename FixColumnName as you will.):
script/generate migration FixColumnName
# creates  db/migrate/xxxxxxxxxx_fix_column_name.rb
Then edit the migration to do your will:
# db/migrate/xxxxxxxxxx_fix_column_name.rb
class FixColumnName < ActiveRecord::Migration
  def self.up
    rename_column :table_name, :old_column, :new_column
  end
  def self.down
    # rename back if you need or do something else or do nothing
  end
end
Hope it helps!!
Thank You!!