One of the drive bays in a multi-bay My Cloud device displays a Red LED but the Dashboard indicates that the drive is good

This is a new drive! what steps should one take to check whether the drive is really at fault? Can one just re-initialize the drive externally and re-insert to fix this? This original red drive that came with the NAS appears to be in good health when checked on a windows computer.

If you recently placed new hard drive in enclosure, I would recommend you to do the power cycle, reboot My Cloud and run System Diagnostic Test from the dashboard to check the status of drive.