He will look after the Department of Banking Operations and the Development and Urban Banks Department, which were held by Usha Thorat who retired in November last year.
Sinha would also take care of the departments of information technology, expenditure and budgetary control, inspection, legal and premises, RBI said.
Sinha's appointment is up to February 28, 2013.
Earlier, Sinha was executive director with RBI and looked after the Department of Banking Operations and Development, Financial Stability Unit and the Department of Expenditure and Budgetary Control.
Sinha now is the fourth deputy governor at the apex bank.
Shymala Gopinath, K C Chakrabarty and Subir Gokarn are the three others.
As per norms, two deputy governors are appointed from within the central bank (Gopinath and Sinha).
Chakrabarty was the chief of Punjab National Bank while Gokarn is a renowned economist.
Sinha joined the RBI in 1976 after completing his Masters in Physics from the Indian Institute of Technology, Delhi.
In his career spanning over 34 years in RBI, he has been involved in formulation of several major regulatory and supervisory policies for commercial banks, it said.
He has also been on several internal committees and has handled, among others, foreign exchange, deposit insurance and regional office work during his career, it added.
As executive director, he represented India and the Reserve Bank on several international committees.
He was RBI's alternate representative in the Basel Committee on Banking Supervision, Bank for International Settlements, Basel, Switzerland.
Till recently, he represented the Reserve Bank on the Committee on Global Financial Systems, BIS since December 2005.
Image: Anand Sinha