After we found the list of IFSC codes which is used as one of the criteria while withdrawing your funds to Indian banks we almost over looked one more factor NEFT or National Electronic Funds Transfer. PayPal Says
PayPal uses the National Electronic Funds Transfer (NEFT) system. Please provide the IFSC code of a participating branch [...]

PayPal included transfer of money to Indian Banks accounts directly. That was a great news but in transfer process you will need IFSC code of the particular bank branch where you wish to transfer money. On request of one the guy MRINAL KANT BALODI in comments I was able to find the listed ifsc [...]

Now you can add your Indian bank account to your PayPal account, so you can withdraw your money directly to your bank. It saves you time and gives you faster access to your PayPal funds! On top of it there is no charge to withdrawal amounts
over INR 7000* However if you withdraw an [...]