Zero and HP,
A friend of mine who is a US citizen is working with Air Deccan on the basis of his OCI card. Now, he has already converted his licence to Indian licence before he took US citizenship, so I am not sure how DGCA will react to your case. His airline in general had no problem hiring him on his OCI card.
If you want I can ask him if it is ok for me to forward you his email address. So, if you need his email address send me a PM.
Desi