RBI Governor D Subbarao will now be directly in-charge of the monetary policy department which was under Deputy Governor Subir Gokarn who has retired.
The Monetary Policy Department looks after policy issues, including interest rate. The third quarter review of monetary policy is scheduled to be announced on January 29.
RBI Governor in the last policy review had indicated that there could be softening of policy rate in the January policy.
Gokarn's three years term had ended in November 2012, but the government had given him one-month extension which expired on December 31, 2012.
There are four deputy governors in RBI, of which two are from the central bank itself, one is from the banking sector and the fourth is an economist.
Prior to joining RBI, Gokarn was the Chief Economist of Standard & Poor's Asia-Pacific.
The government is yet to finalise his successor. However, reports suggest that name of Kalpana Kochhar, the World Bank's chief economist for South Asia, is being considered for the post.
Besides, monetary policy department, the governor will also oversee functioning of Department of Economic and Policy Research, Department of Statistics and Information Management.
The other portfolios under Gokarn has been distributed between Deputy Governors K C Chakrabarty, Anand Sinha and H R Khan.
Chakrabarty will now also look after DICGC, Rajbhasha Department and Right to Information Division, Sinha after Department of Communication and Risk Monitoring Department while Khan after Financial Markets Department.
Meanwhile, the RBI has promoted Deepali Pant Joshi as executive director.
She will look after Customer Service Department and Rural Planning and Credit Department. She will also be the Alternate Appellate Authority under the Right to Information Act, RBI said in a separate statement.
Prior to the appointment, Joshi was the regional director of the Rajasthan.