are there any error handlers implemented in OpenMPI and MPICH other than MPI_ERROR_RETURN and MPI_ERRORS_ARE_FATAL? which implementation is better in handling the errors? kindly suggest a link for more information about the same..
No, those are the only two error handlers defined by the standard currently.
The MPI forum is currently working on what will become MPI-3, and error handling and fault tolerance will be an important component of the new standard (there's a working group dedicated to the topic). Until that work is complete, however, the only way to get stronger fault tolerance out of MPI is to use earlier, nonstandard, extensions. FT-MPI was a project that developed a very robust MPI, but unfortuantely it's based on MPI1.2; a very early version of the standard. There's MPICH-V, based on MPI2, but that's more checkpoint-restart based.
Along the lines of checkpoint-restart, both OpenMPI and MPICH2 have support for BLCR, a transparent checkpoint-restart form of fault tolerance which allows easy rollback to the last checkpoint in case of hardware or network failure.