ORA-31086: insufficient privileges to register schema "string"
Cause : An attempt was made to register a schema without sufficient privileges.
Action - How to fix it : DBA Scripts :: www.high-oracle.com/scripts
Make sure that the user has sufficient privileges to register the schema.
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.