Hi Chetan,
I too experience this issue, yes you are right you need to add
maxBufferPoolSize="524288" in config file.
For example this is my binding service
<binding name="XXXXXXXXX" closetimeout="00:01:00"
openTimeout="00:01:00" receiveTimeout="00:10:00" sendTimeout="00:01:00"
bypassProxyOnLocal="false" transactionFlow="false" hostNameComparisonMode="StrongWildcard"
maxBufferPoolSize="524288" maxReceivedMessageSize="65536"
messageEncoding="Text" textEncoding="utf-8" useDefaultWebProxy="true"
allowCookies="false"></binding>
Here I have increased the size.
I hope this might help you a bit.
Thanks,
RK