Well, we are aware of key loss scenarios and to handle it we are trying to store the keys on server side as well. Please let me know if there is any other better solution than using keystore.
As you can see in the stackoverflow links you can use a PKCS12 or PKCS8 format file to save your keys. See Android docs android.content.Context#openfileoutput for a method to get a path to private file that is only readable by your application. Here's some sample code that might help:
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