New Delhi, June 5 -- Economist S. Mahendra Dev has been appointed the new chairman of the Economic Advisory Council to the Prime Minister (EAC-PM), a person informed about the development said. Dev, till Thursday an independent director with Axis Bank, will take charge of the position on Friday, said the person, who spoke on condition of not being named.

Earlier in the day, Axis Bank informed stock exchanges that Dev had resigned from its board owing to his appointment as chairman of the EAC-PM, which is a full-time position.

EAC-PM did not have a full-time chairman since last November, when its first chairman Bibek Debroy passed away. NITI Aayog vice chairman Suman Bery has been holding the additional charge of EAC-PM since then.

The ...