MUMBAI, March 6 (Reuters) - The Reserve Bank of India on Friday released draft guidelines for a compensation scheme aimed at protecting customers from digital fraud, offering coverage for up to 85% of the lost amount or a maximum of 25,000 rupees ($271.98).

The guidelines come amid a rise in fraud cases as digital payments see wider adoption in the country. 

Here are some details about the proposal:

* The RBI will cover 65% of the losses, with banks coveringan additional 20%. * The guidelines are initially valid for one year, afterwhich the contribution structure will be reviewed. * Customers must report fraudulent transactions within fivedays to the National Cyber Crime Reporting Portal or Helpline(1930) and their banks. * Customers can avail of the compensation only once in theirlifetime. * The RBI aims to enhance existing instructions and reducecomplaint processing time. * New guidelines, once finalised, will be applicable fromJuly 1.

($1 = 91.9190 Indian rupees)

(Reporting by Gopika Gopakumar; Editing by Harikrishnan Nair)

By Gopika Gopakumar