Longer-term, the new scheme may herald a shift in India from what one fund manager executive calls an opportunistic model of attracting investors, to a structural one, emulating the 401k pension model in the United States.
The US system, introduced more than three decades ago, allows workers to pay part of their salary into funds.
"India has lacked that structural market, but clearly there's an intent from the government and from the regulator to change that," said Saurabh Nanavati, CEO of Religare Mutual Fund.
For now, India doesn't allow mutual funds to develop pension plans, instead using a state-managed provident fund that invests mainly in government bonds. Until such a plan is brought in, the government is likely to struggle to win around people like Kashinath, who is still smarting from his emu bet.
"Can you help me get my money back? There's a new bank that's promising good returns, I'll probably put it there," he said.