create multiple users with single command

#!/bin/bash
## Date: 16th May 2016
## Purpose: Creating Multiple users in a single attempt
if [ "$#" = 0 ]; then
 echo "Usage: /scripts/createuser.sh file"
else if [ -f "$1" ]; then
 for i in `cat $1`; do useradd -s /bin/bash $i; done
for y in `cat $1`; do echo -e "password\npassword" | passwd $y; done
for z in `cat $1`; do cat /etc/passwd |grep $z; done
else echo "$1 not found"
fi
fi