This is basically a part of the application which we have here and this process is adds new entries in the database (roughly 100-200 per day)For each entry, if it updates 139,000 records, will that generate archive logs ?
Can it be a reason or one of the reason for such high archive log generation ?

For each of 100 to 200 entries it updates 139000 rows, right?
In this case you update between 13900000 and 27800000 rows updated. It could generate a big volume of redo logs.