ORA-01486: size of array element is too large
Cause : You tried to bind a data value which was either too large for the datatype (for example, NUMBER) or was greater than 4000 bytes (for example, VARCHAR or LONG).
Action - How to fix it : DBA Scripts :: www.high-oracle.com/scripts
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.