Uday Kotak has resigned as the managing director and chief executive of Kotak Mahindra Bank, the bank said in a stock exchange filing on Saturday.

Dipak Gupta, currently the joint managing director, will carry out the chief executive duties until Dec. 31, the bank added.

Kotak’s resignation comes four months ahead of his planned retirement at the end of this year.

In the meantime, the bank has already made an application for the new managing director to India’s central bank. In India top posts at lenders are approved by the Reserve Bank of India.

In the resignation letter tendered to the board, Kotak said that “it is time to move on”.

“The bank has taken necessary steps for succession and we await the RBI’s decision,” Kotak said in the resignation letter published in the filing.