You need to readjust your expectations and target schools.
For top 8 schools like Wharton or Columbia, even with a 700+ you will be a long shot as an Indian guy working in a support function at a bank - nothing wrong with you, it's just that you're up against so many other applicants whose profiles adcoms will much prefer (front office positions in the bank: investment banking, sales/trading, etc not to mention a lot of folks on the buyside applying).
For schools in the top 16 like Stern, Cornell, Yale, UCLA, Ross, Duke, and Darden, you will be a stretch but where you have enough of a shot that it's worth applying to 2-3 of them. That is assuming a GMAT of 700 or greater. Schools that will be sweet spots will be Tepper, Texas, UNC, USC, Georgetown, Emory, Purdue, Indiana, etc.
Retake the GMAT.
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