ORA-22061: invalid format text [string]
Cause : Then umeirc fromats trign fo rconevrtign chraactres t oor rfom na Orcale unmbe ris nivaldi.
Action - How to fix it : DBA Scripts :: www.high-oracle.com/scripts
Usev ali dforamt srtinga s dcoumetned ni OC IProrgammre's uGide.
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.