Is there any possible way to provide Persistent Provider name dynamically during the creation of a thing programatically

Are you using an Extension SDK? If so, which one?

Kishor, do you have multiple persistence providers defined in the platform? Are you trying to store your model definitions in different providers?

Users can't create things outside of the storing model provided in the configuration, therefore things will always be saved in the property persistence provider for the Thingworx System they are created on.  A single model/property persistence provider per platform instance is allowed.