Coinbase has started letting its users in India deposit and withdraw rupees directly through the IMPS network. The move follows the exchange receiving regulatory approval to offer the service, the company said.
What IMPS means for Indian crypto users
IMPS — Immediate Payment Service — is a real-time interbank system run by the National Payments Corporation of India. It lets users move money between accounts instantly, 24/7, including weekends and holidays.
For Coinbase users, that means they can now fund their wallets or cash out without waiting for bank processing windows. The deposits and withdrawals happen through the same IMPS rails that millions of Indians already use for everyday transactions.
Before this, Indian users had fewer direct fiat options on the exchange. This change removes a layer of friction, making it easier to move money in and out of crypto.
The regulatory green light
Coinbase didn't name the specific regulator that approved the service, but the grant itself is notable. India's stance on crypto has been cautious, with the central bank previously warning against digital assets and banks sometimes reluctant to work with exchanges.
Getting approval for a direct bank-transfer channel suggests Coinbase has addressed whatever compliance concerns were in play. The company operates in a country where clear crypto rules are still being shaped.
How the new payment option works
Users need to link a bank account that supports IMPS — most Indian accounts do. Once linked, they can deposit rupees by initiating an IMPS transfer from their bank, and the funds appear in their Coinbase wallet almost immediately. Withdrawals work in reverse: users request a cash-out, and the rupees land in their bank account.
The exchange handles the conversion between fiat and crypto within its platform. For now, the service is available to all eligible Indian users who have completed the required identity verification.
Coinbase has not disclosed any transaction limits or fees tied to the IMPS feature. Those details are likely on the platform's support pages.
The service is live as of now. Indian users can start using it right away. Whether the option will expand to other payment methods or become a template for other exchanges in the region is an open question — one the market will answer soon enough.
