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Welcome to the forum.
With regards to Still Images, here are some things to check out:
Color Mode = RGB (no CMYK)
Color Bit-Depth = 8-bit (not 16-bit, or higher)
With Layered PSD's, no Layers with just a few pixels
Please let us know the full details of the problematic PSD's.
Welcome to the Adobe forums. I think this issue is because you might be using a psd file with cmyk format. Please open the file in Photoshop and save the file again in RGB format as Premiere pro supports RGB format. Please update if it works.
Wow!!!that was real quick. I tried to open one of the file in PS and yes the format was cmyk so I have changed the format to RGB and that worked!! I spent 1 hr figuring this out
Thanks Bill and Vinay.
Glad that you found both the cause, and the fix.