ORA-46633: creation of a password-based keystore failed

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Creation of a Password-based keystore is Failing 

CDB0012> ADMINISTER KEY MANAGEMENT CREATE KEYSTORE '/u01/app/oracle/stage/wallet' IDENTIFIED BY "xxxxx";
ADMINISTER KEY MANAGEMENT CREATE KEYSTORE '/u01/app/oracle/stage/wallet' IDENTIFIED BY "xxxx"
*
ERROR at line 1:
ORA-46633: creation of a password-based keystore failed

Cause
 Password-based keystore could not be created at the specified location due to either incorrect file permissions for Oracle on the specified location or due to the nonexistence of the specified location.

Solution
1> Check ENCRYPTION_WALLET_LOCATION in SQLNET.ORA and ensure the  keystore location is correct.
ENCRYPTION_WALLET_LOCATION=
 (SOURCE=(METHOD=FILE)
   (METHOD_DATA=
    (DIRECTORY=/u01/app/oracle/stage/wallet)
   )
 )

2> Ensure the PATH specified in SQLNET.ORA exists and oracle user has proper privileges on this directory.
3> Ensure the Path specified in CREATE KEYSTORE don't have any typo and is correct

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