Hey there my friend,
Overall things look quite good. You graduated from IIT, have a good GMAT, and have two VERY good employers on your resume. To cut straight to the point, I think your school list is attainable with your profile, as long as you write some beautiful essays. I think that you have what it takes in terms of leadership community service, test scores and experience, even though (you'll pardon me saying) there is something very "normal" about your profile... not that that's bad, but when you DO approach your essays, think about what you can do to spice them up a bit.
Other than that regarding your question about the GMAT - it's a tough call. I mean, with a 700 you are basically good enough to get into any school out there - buuuuuuuuuut with a 740 you will be making it easier for them to accept you... You don't NEED to retake the GMAT, but you COULD if you could get a lot more points. I wrote a whole post about this issue a while back, so have a look here: to-retake-or-not-to-retake-that-is-the-question-indian-153716.html
But it would likely mean delaying your application until next year, so that needs to make sense for you personally and professionally.
Other than that, I think your profile is good enough to also add Columbia, Sloan, and Booth to your list (even if they will be challenging, but they are good finance schools
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