UCO Bank CMD S K Goel said, “Today the priority is internal security and Chidambaram being a competent person would restore the common man’s confidence in the government. He has already set tone and tenor for the progress of financial sector so I do not think that his successor would have any problem in carrying forward the agenda.”

Echoing the sentiments, Bank of Baroda CMD M D Mallya said, “Manmohan Singh is known as the architect of the reform process. Therefore, there is no concern for banking sector. Things would progress seamlessly as they have been in past.”

Some others, however, felt that it would be business as usual and the shuffling would not make much difference and the markets will essentially follow the global market, which closed the week on a high.

Paras Bothra of Askiha Stock Brokers and Rajesh Jain of SMC Global felt that the shuffling would not make much difference and stock market will open flat on Monday and take the global cues.

Bank of Maharashtra CMD Allen Perera said that the change in portfolio for Chidambaram, who has been a very competent finance minister, would “send a strong signal as far as security of the nation is concerned”.

“Reform agenda would continue as usual since such decisions are a collective decision by the Union Cabinet. I do not see that the confidence of the banking and financial sector would have any negative implication with this development,” Pereira said.