Coinbase to Add Direct INR Deposits and Withdrawals via IMPS Starting June 1
Coinbase will enable Indian users to move rupees directly between bank accounts and the exchange using the Immediate Payment Service. The change removes the need for peer-to-peer transfers or third-party intermediaries.
CoinDeskCoinbase announced it will launch direct deposit and withdrawal rails for Indian rupees on June 1, 2026. Indian customers will be able to transfer funds to and from their bank accounts through the Immediate Payment Service without using peer-to-peer markets or intermediaries.
The exchange said the move reduces the risk of payment scams and account freezes that have occurred when users relied on third-party counterparties. It will also pair the new rails with spot trading, perpetual futures contracts, and local INR order books.
Coinbase registered with India's Financial Intelligence Unit before the launch. The company had previously opened access to Indian users in 2022 but faced an immediate block when the National Payments Corporation of India rejected its proposed UPI integration.
John O'Loghlen, Coinbase's Head of APAC, said the platform is registered with FIU-IND and intends a long-term presence. The company has also invested in local exchange CoinDCX and funded Indian developers through its Base network.
India ranked first in the Global Crypto Adoption Index in 2025, according to Chainalysis data. 21 billion by 2034.
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