Yes: TIME_CREATED contains a date and a time. Use TRUNC to strip the time:
SELECT EMP_NAME, DEPT
FROM EMPLOYEE
WHERE TRUNC(TIME_CREATED) = TO_DATE('26/JAN/2011','dd/mon/yyyy')
UPDATE:
As Dave Costa points out in the comment below, this will prevent Oracle from using the index of the column TIME_CREATED if it exists. An alternative approach without this problem is this:
SELECT EMP_NAME, DEPT
FROM EMPLOYEE
WHERE TIME_CREATED >= TO_DATE('26/JAN/2011','dd/mon/yyyy')
AND TIME_CREATED < TO_DATE('26/JAN/2011','dd/mon/yyyy') + 1