How to rename or move the Admin Panel (admin) to a new name for Security?

If you want to change the the Admin Panel default URL from http://www.domain.com/admin/ to your own custom url http://www.domain.com/prashant/ to avoid any unwanted snooping around your web store.
Then follow these steps:

1. Go to app/code/core/Mage/Adminhtml/etc/ directory and open config.xml in your favorite editor.

<admin>
        <routers>
            <adminhtml>
                <use>admin</use>
                <args>
                    <module>Mage_Adminhtml</module>
                    <frontName>admin</frontName>
                </args>
            </adminhtml>
        </routers>
    </admin>

2. Before edit this file please make sure that you disable the system’s cache,other wise you might get locked out of your admin panel.
3. After modifying name from ‘admin’ to ‘prashant’ code should be like this :

...
    <admin>
        <routers>
            <adminhtml>
                <use>admin</use>
                <args>
                    <module>Mage_Adminhtml</module>
                    <frontName>prashant</frontName>
                </args>
            </adminhtml>
        </routers>
    </admin>
...

4. Save your file. Now your admin panel open by your new custom URL : http://www.domain.com/jsbanga/

5. Done