The variable ORA_PASSWD should be set to the password assigned to the database account associated with the user name specified by ORA_LOGIN.
Example
For example, if the account with the user name has the associated password CW021535, you would specify:
ORA_PASSWD CW021535
in the configuration file or the environment.
If ORA_LOGIN has not been set, the runtime assumes you want to do an automatic login; ORA_PASSWD is ignored and need not (and for system security, should not) be set.
See also
ORA_LOGIN configuration variable