Although interviews were conducted on July 29 last year, the government has decided to start the process all over again, sources said without giving reasons.
Advertisements seeking application from eligible bankers would be issued soon, they added.
The Financial Sector Regulatory Appointment Search Committee (FSRASC) headed by the Cabinet Secretary will select a suitable candidate to succeed Mundra.
The members of the search committee include the RBI Governor, Financial Services Secretary and three independent members.
According to the earlier notice put up on RBIs website, applicants should have extensive experience as a full-time director or board member and possess understanding, at a very senior level, of supervision and compliance in the financial sector.
Strong competencies working with financial performance data, including interpreting, summarising, high level output and strong and clear communication skills on matters of public policy, are also listed as criteria for the post.
The appointment will be made for a period of three years and the person will be eligible for reappointment, it had said.
The deputy governor will draw a fixed salary of Rs 225,000 per month plus allowances, it added.