What all MBA programs will fit into a budget of USD $55K (that's all I have managed to save) and still be able to add a lifelong value to the career of a "Vice President" level Banker, who has survived quite well in his career (in India, US, UK & UAE) in past 14 years, growing from an Assistant Manager to Country Head/VP role in Banking Operations, CRM, Payments (Cards & m-Commerce).
Now that "I'm jobless' (blame the economic slowdown), I would love to spend 12 to 15 months in a full-time on-campus program but I would NOT be able to write GMAT/GRE.

Please advice/HELP!

Well, that's 40,000 euros and goes a long way in Europe. How about:
Manchester
Imperial
Cambridge
Ashridge
Erasmus
Cass
Mannheim.

PS If they say they require the GMAT, take a look at their executive MBAs (which often do not) or ask if they will waive the GMAT because of your work experience.

If I were you, I would take a look at Ashridge. They have one of the highest average graduating salaries, and were just advertising scholarships for their January entry for people looking to get back into work.

Also, look at the one-semester VIP programme at Ohio State and the ASP at MIT (http://web.mit.edu/professional/advanced-study/).

I'd echo Duncan: your requirements in terms of program length, cost, and inability to take the GMAT are too stringent for many MBA programs in the US. An EMBA there may be more appropriate: Check out Michigan Broad's EMBA - they'll waive the GMAT if you have enough experience; the program is 19 months and about $55k USD.

Maybe also check out EMBA programs in Asia? Tongji and Mannheim have a pretty interesting (and relatively affordable) EMBA program that can be completed in about a year and a half.