Extraction and recognition of text present in video has become a very popular research area in the last decade. Generally, text present in video frames is of different size, orientation, style, etc. with complex backgrounds, noise, low resolution and contrast. These factors make the automatic text extraction and recognition in video frames a challenging task. A large number of techniques have been proposed by various researchers in the recent past to address the problem. This paper presents a review of various state-of-the-art techniques proposed towards different stages (e.g. detection, localization, extraction, etc.) of text information processing in video frames. Looking at the growing popularity and the recent developments in the processing of text in video frames, this review imparts details of current trends and potential directions for further research activities to assist researchers.