Error while Installing Oracle 11G on 64Bit Linux - You do not have sufficient permissions to access the inventory

/data2/Oracle11G_setup/database

-bash-3.00$ ./runInstaller

You do not have sufficient permissions to access the inventory '/applns/oracle9204/oraInventory'. Installation cannot continue. Make sure that you have read/write permissions to the inventory directory and restart the installer.: Permission denied

If you get this error, rename  /etc/oraInst.loc  to oraInst.loc.bak