ORA-00303: cannot process Parallel Redo
Cause : A redo log containing Parallel Redo has been detected. The current Oracle release cannot process this format of redo.
Action - How to fix it : DBA Scripts :: www.high-oracle.com/scripts
Use a later release that supports Parallel Redo. to process this log.
Well, the reason for above error is that i have taken the above script from a 11g database and running it on 10g database. 11g has bring some changes in password management. Below code is executed on 11g and user created successfully, which is expected result.