ORA-28116: insufficient privileges to do direct path access
Cause : Users with insufficient privileges attempting to do direct path access of tables with fine grain access control policies.
Action - How to fix it : DBA Scripts :: www.high-oracle.com/scripts
Ask the database administrator to do the operation. Note that users can work with security administrator to temporarily drop/disable the policies at time of export, import, or load, but this has security implication, and thus access of the database must be controlled carefully.
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.