Billionaire Uday Kotak, who founded and leads Kotak Mahindra Bank (KTKM.NS), has resigned as the managing director and chief executive four months before his term was set to end.

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

The bank is currently awaiting the RBI’s approval regarding the proposed successor, as stated by Kotak.