Hi there,
Firstly - that's a great score! Congratulations! As an Indian applicant, you're at a good enough score to compete. Ok - so maybe other applicants in your pool have slightly higher scores but at the moment you're right at average and that's good enough. As an Indian applicant, you will never be able to use your GMAT score as a differentiator. Therefore, it has to be good enough and that's it. While your verbal score is on the lower side, it's not the end of the world. I wouldn't suggest taking it again honestly. If they are concerned with your verbal score, they can look to your essay and recommendations to make sure you the communication skills necessary to be successful.
As for potential schools, well I'll need a lot more information. For example, what's your profession? What kind of experiences? Any leadership? What did you do in Toronto. What company do you work for? Why do you want an MBA? What career are you looking to go into after? How was your undergraduate GPA? What extracurriculars are you in? In other words, school options have a lot of inputs that go into a good discussion and suggesting programs simply because you scored a 720 would be both useless and misleading.
Looking forward to learning more!
Bhavik