ORA-12424: length exceeds binary label size
Cause : The length specified for a binary label operation exceeded the the size of the binary label.
Action - How to fix it : DBA Scripts :: www.high-oracle.com/scripts
Provide a bit or byte length that is within the label size limits.
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.