Kshatrapati Shivaji, an Indian Administrative Services officer, could be appointed a deputy governor of the Reserve Bank of India, sources told CNBC-TV18.

Shivaji has been serving as an executive director of the Asian Development Bank since December 2016. He had previously worked as CEO of Sidbi and principal secretary in the Ministry of Finance.

Shivaji will fill a position vacated by Viral Acharya, who resigned as deputy governor in June, citing unavoidable personal reasons.

"I have decided to leave six months early due to unavoidable personal reasons. So much to finish in the last month! I am sticking to my school teacher's advice: when your work speaks for itself, don't interrupt!" Acharya told CNBC-TV18.