[Python] Is there anyway to speed this up?

https://open.kattis.com/problems/lyklagangriti?editresubmit=16843522 This question is basically where you are entering a password. Every time there is an L in the input, the cursor "moves" to the left, same for the right, and when there is a B, you delete the character that you are on.

text = input()
chars = list(text)
cursor = 0
password = []
for char in chars:
if char == 'L':
cursor -= 1
elif char == 'R':
cursor += 1
elif char == 'B':
password.pop(cursor - 1)
cursor -= 1
else:
password.insert(cursor, char)
cursor += 1

print(*password, sep='')


I'm doing this problem on Kattis, and so far, I have passed a lot of test cases, but I seem to be exceeding the time limit on test groups 4 and 5. Is there anyway to speed up this code?

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