PROBLEM SOLVED !!!
Anyone who has locked their memory cards with the password and are not able to access it can recover it without spending any money !!! Yes, you do not need to flash it with the device that Vikalp wrote about in the previous reply, though that will also work.
I put the mini sd card in a nokia E61 that I had. When I tried to access the card, it asked me for the password. I entered the password and then used the option to remove it from the card (Unlocked it).
It now works perfectly in the 6265.
Obviously now this seems to be a problem with the Nokia 6265 software which instead of asking you for the password to access the memory card, hides it !!!