ORA-28278: No domain policy registered for password based GLOBAL users.
Cause : No policy about password authenticated GLOBAL users has been registered.
Action - How to fix it : DBA Scripts :: www.high-oracle.com/scripts
Add attribute orclDBAuthTypes to the database server's Enterprise domain.
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.