@bubu,
Quote:The first one, Myself is Peter. is widely used in India. Particularly in interviews. I wonder if the sentence is correct.
If it's widely used then it is correct, for the InE dialect. There's no other way to determine what is correct for any dialect save for how people use language in that dialect.
"I am Peter" sounds too formal/strict/angry/... depending on the situation. To sound friendly we normally use contracted verbs. This doesn't of course exclude the possibility that it might be used in a formal manner.
"My name is [____]" is fine, again depending on the circumstances.
A: Hello, I'm [___]. And you?
B: My name is [___]. / I'm [__].