ORA-06532: Subscript outside of limit
Cause : A subscript was greater than the limit of a varray or non-positive for a varray or nested table.
Action - How to fix it : DBA Scripts :: www.high-oracle.com/scripts
Check the program logic and increase the varray limit if necessary.
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.