Indian Payment Gateway with Ubercart 2.x

I am building an e-commerce site using Drupal 6.x and ubercart 2.x. The site aims at Indian customers to sell t-shirts. I would like to get some input from you regarding payment gateway. I am a noob may be mis-using terminology, forgive me if i am wrong.

I thought of using Paypal, payment gateway with a personal account for now but it seems to be having too many drawbacks.
1. Doesn't support INR transaction (though i managed to change it to USD before sending it to paypal)
2. It needs a paypal account to use credit card.
3. Credit needs to be verified to use it with paypal which will take few days, obviously it may leads to drop out of sales/customers.
4. Debit card doesn't works.
5. Paypal has it own exchange rate which is usually $1.5 less than usual exchange rate.
On the whole paypal doesn't satifies the things we are looking for.

I gone through Authorize.net website, it requires $99 for setup and $20 monthly fee. It seems to be very expensive for a startup.

Is there any payment gateway which satisfied the following requirements
1. it Should accept and perform payment processing in INR.
2. should work with ubercart 2.x.
3. it should not ask the customers to create an account like paypal
4. less setup and monthly fee.

I am curious to know the strategies used by other Indians to handle this. Is there anyone using EBS payment Gateway with drupal 5.x ? is it good enough for your website ? I am glad to port it to drupal 6 if it satisfied some of the above mentioned requirements. Any inputs regarding this will be greatly appreciated.