Amit,
I feel you must talk to the dealer and get the steering rack or column replaced. As per the hyundai worskhop guys here, Hyundai had sent a circular to all service stations to solve the steering rattling noise on the i20. Since your problem(like mine) didn't get rectified by installing the bush or yoke pad on the column, you are due for steering rack/column replacement under warranty. It apparently is a manufacturing defect in the steering column by the column manufacturer( not dangerous in any way nor does ir pose any threat to the car). Speak to the service station, take a print out of this post and show it to them if you feel so.
Even I felt vibration on the steering wheel (after installing the bush) but that was just once that too when i revved up the engine to get out of a pothole. haven't felt the vibration afterwards. But still the rattling noise persists(though in a low tone). The replacement steering rack for my car should arrive in may be another 7-10 days time.
Rest assured Hyundai is quite serious about this issue. If the service station does any natak, shoot off an angry e-mail to Hyundai cusomer care.
P.S. I added you to the list of Silky Beige i20 owners here at CW 
http://www.carwale.com/forums/viewthread-10953-p14.html#post169000
MODs' Remark: Post edited to provide link/direct access to the url.
2009 Hyundai i20 1.2L Asta Silky Beige
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