I decided to go through the paypal process to accept money through my ICICI bank account in Calicut. After going through the profile option and Add bank of paypal website, it was asking for IFSC code. A quick search revealed no result, but I accidentally stumbled upon
http://www.joycebabu.com/blog/paypal-supports-direct-withdrawal-to-bank-account.html where he has listed the the RBI link at http://www.idrbt.ac.in/index_fromsm.html?ifsc_directory.html?infinet
Finished through the process and got this threat
“Please make sure that the information you provided is complete and correct. Otherwise, the amount will be returned to your PayPal account (deducting any bank charges) and a return fee of 250.00 INR will be charged.”
It can take 5-7 business days to complete this transfer, depending on your bank’s holiday schedule and payment policies.”
Still not bad, for receiving money from the following banks SBI,Bank Of India, Canara Bank (No net banking in most places), Union bank, HDFC, ICICI, Axis, Standard Chartered, HSBC and ING Vysya.