Coinbase Enables Direct INR Deposits via IMPS in India

Coinbase began a phased rollout on June 1 allowing customers in India to deposit and withdraw Indian rupees directly through the Immediate Payment Service (IMPS) and to trade on a local INR order book for spot and perpetual contracts. Access is being expanded in stages, the company says.

The exchange has chosen IMPS rather than the Unified Payments Interface (UPI) for the initial relaunch of fiat rails. Coinbase previously launched with UPI support in 2022 but suspended those payments after a public statement from a payments authority; Chief Executive Brian Armstrong later described the company as facing “informal pressure from the Reserve Bank of India.” The company is registered with India’s Financial Intelligence Unit (FIU-IND).

Some users completing onboarding and know-your-customer checks report seeing a “Buys not supported” message while access rolls out. Coinbase India’s product lead, Akshay Chugh, wrote on X: “Rolling out gradually to all users. Stay tuned!”

Coinbase offers spot trading and perpetual futures on the local INR order book, allowing trades to execute against domestic liquidity rather than international prices. The company confirmed that INR deposits carry no fee and said trading fees are intended to be competitive with local rivals. The company stated that using direct bank rails should reduce price premiums that customers often face on peer-to-peer channels.

India’s tax and regulatory framework remains a factor for traders. The government applies a flat 30% tax on crypto gains and a 1% tax deducted at source on transactions; the 2026 federal budget left both rates unchanged. Trading volume from India has shifted largely to foreign platforms, with a substantial share of activity routed offshore.

Market data point to continued local interest. One analytics firm ranks India first in grassroots cryptocurrency adoption, and a separate forecast projects the country’s crypto market approaching $14 billion by 2034.

Coinbase holds an investment in CoinDCX, a major Indian exchange. The company highlights its NASDAQ listing, institutional custody services and deeper liquidity as features intended to attract higher-volume traders.

The staged launch means some customers gain immediate access to deposits and INR trading while others wait for wider availability. Coinbase’s public messaging emphasizes gradual expansion and ongoing work to bring more users onto the new fiat rails.