ORA-14124: duplicate REVERSE clause
Cause : REVERSE was specified more than once in ALTER INDEX or CREATE INDEX statements.
Action - How to fix it : DBA Scripts :: www.high-oracle.com/scripts
Remove all but one of the REVERSE clauses and reissue the statement.
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.