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RBI Chief to Handle Monetary Policy Department

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January 2, 2013 3:32 PM EST

The Reserve Bank of India said on Tuesday the monetary policy department will directly report to Governor Duvvuri Subbarao till further orders, with Subir Gokarn's term as a deputy governor coming to a close.

The departments of economic and policy research and statistics and information management will also report to the governor, the central bank said in a statement.

Gokarn's three-year term was supposed to end on November 24, but was extended to December 31. He was in charge of the monetary policy department among others, and also represented the RBI at the G-20 Deputies' forum.

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