Low complexity, reconfigurable finite impulse response (FIR) filters using coefficient decimation method (CDM) has been recently proposed in literature. In this paper, we propose a modified coefficient decimation method (MCDM) which enhances the flexibility of CDM in obtaining FIR filters with varied passband locations. The resolution of the center frequency locations in the multi-band frequency responses obtained using MCDM is twice that of the conventional CDM. Further, the stopband attenuation of FIR filters realized using our MCDM is higher compared to the filters obtained using conventional CDM. Also, for the same prototype modal (original) filter, the number of distinct frequency band locations that can be obtained after coefficient decimation is greater for MCDM than CDM due to the increased center frequency resolution of the former method. The hardware realization architecture of MCDM is presented. The advantages of our method for realizing reconfigurable filter banks are also discussed.