ORA-10588: Can only allow 1 corruption for normal media/standby recovery
Cause : The number specified in the ALLOW n CORRUPTION option is too big.
Action - How to fix it : DBA Scripts :: www.high-oracle.com/scripts
change to allow zero or one corruption.
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.