with that country. According to World Bank data, of the total $69.4 billion India received as remittances in 2012, $8.4 billion was from Saudi Arabia. Saudi Arabia is also India’s fourth largest trading partner. Bilateral trade in the last fiscal was over $43 billion and had hit $32.7 billion during April-November, 2013, registering a 14% year-on-year growth. Despite close trade and people-to-people ties, according to RBI data, SBI was the lone Indian bank to have a branch in Saudi Arabia, while there was no Saudi bank operating in India.