Got another chance to work in Magento installed website. This time I fixed ‘Reset password blank page’ issue in Magento 1.9. If anyone have the same issue,
edit app/design/frontend/mytemplate/theme/layout/customer.xml

Find

customer_account_resetpassword

Replace with

customer_account_changeforgotten 

Here is the full code of customer_account_resetpassword block

<customer_account_changeforgotten translate="label">
    <label>Reset a Password</label>
    <remove name="right"/>
    <remove name="left"/>

    <reference name="head">
        <action method="setTitle" translate="title" module="customer">
            <title>Reset a Password</title>
        </action>
    </reference>
    <reference name="root">
        <action method="setTemplate">
            <template>page/1column.phtml</template>
        </action>
        <action method="setHeaderTitle" translate="title" module="customer">
            <title>Reset a Password</title>
        </action>
    </reference>
    <reference name="content">
        <block type="customer/account_changeforgotten" name="changeForgottenPassword" template="customer/form/resetforgottenpassword.phtml"/>
    </reference>
</customer_account_changeforgotten>

After updating the file, login to admin area and clear the cache

Admin Panel – > System -> Cache Management -> Flush Cache Storage

Another issue was when the customer clicked on the link which is sent in the email, the url is redirecting to the login page

For fixing, go to your admin panel, System -> Configuration -> Require login

add “changeforgotten” into the regular expression like below

#(^/$|^$|customer\/account\/(log(in|out)|changeforgotten|forgotpassword|resetpassword|create))|faq|return|about-us|order-shipping#