ORA-09914: Unable to open the ORACLE password file.
Cause : ORACLE could not open the password file for reading.
Action - How to fix it : DBA Scripts :: www.high-oracle.com/scripts
Check the UNIX error number. If the error number indicates that the file does not exist, have the database administrator create the file by running orapasswd. If the error number indicates insufficient permissions, ask the database administrator to change the permissions. Otherwise, contact ORACLE customer support.
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.