Overseas briefs: At least 35 countries to join AIIB, India's Pay Point aspires to be a full service 24 March 2015 5:06PM Banking Day staff At least 35 countries will join the China-led Asian Infrastructure Investment Bank by the deadline of March 31, the bank's interim chief Jin Liqun said on Sunday, Reuters reports. Currently, India, Indonesia and New Zealand have expressed interest in joining the bank, he told a conference in Beijing, following requests by Britain, France, Italy and Luxembourg to become founding members. The Abbott Government has hesitated over joining the bank. Payment solutions company Pay Point India aspires to become a full service bank within five years, reports Zee News. Pay Point India's co-founder and director Romil Meghani said: "Our aspiration is to deliver well as a Payments Bank and then in a three to five year window, to become a full service bank like any other." The Reserve Bank of India is currently assessing 41 applications it has received for Payments Bank licences. Deutsche Bank's retail operations will bear the brunt of its planned restructuring and will most likely be spun off in a stock market listing, two sources familiar with internal discussions at Germany's biggest bank told Reuters. The bank's supervisory board held a meeting in Frankfurt on Friday, reviewing three scenarios proposed by the management board, the sources said. Reuters said: "The retail banking operations will suffer setbacks regardless of which model [is chosen]. The supervisory board favours one proposal that would see the bank's retail operations, including its Postbank subsidiary, bundled up and spun off with a separate stock market listing." Bank of New York Mellon has agreed to pay US$714 million to settle allegations it fraudulently overcharged clients for its foreign exchange services. BBC reports that US authorities claim its customers were promised "the best possible execution" for currency transactions but were instead given the worst rates. The firm restated its earnings last month to account for the charges. As part of the settlement, BNY Mellon's products management head David Nichols and other executives were sacked. China's foreign exchange regulator will tighten monitoring of banks' foreign currency transactions after discovering that lenders failed to adhere to regulations, Reuters reports. The State Administration of Foreign Exchange ordered Chinese banks to make stricter checks and report deposits and withdrawals of foreign currency equivalent to US$10,000 or more, sources told Reuters. Southeast Asian nations have finalised a key agreement allowing qualified banks to operate freely in each other's countries in a push toward greater financial and economic integration. Fox News reports the regional banking integration framework is part of efforts to create an economic community by the end of the year, making the ten-member Association of Southeast Asian Nations a single market and production base. ASEAN finance ministers and central bank governors said in a joint statement that qualified ASEAN banks could now operate with greater market access and be accorded flexibilities similar with those of domestic banks in the host country. The former global head of liquidity and finance for Rabobank, Anthony Allen, a UK resident, has waived extradition and appeared in US federal court on charges related to his alleged role in a scheme to manipulate the USD and Yen London InterBank Offered Rate. LIBOR serves as the primary benchmark for short-term interest rates globally and is used as a reference rate for many interest rate contracts, mortgages, credit cards, student loans and other consumer lending products.is intended to reflect what banks believed they would be charged if borrowing from other banks.. He pleaded not guilty to accusations of conspiracy to commit wire and bank fraud and substantive counts of wire fraud. The court released Allen on a US$500,000 bond and set a trial date for 5 October 2015.