A day after leading Indian banks cut lending rates, private sector lender Axis Bank today cut base rate by 0.20 percent to 9.95 percent. Major Banks, including the State Bank of India, HDFC and ICICI have announced cut in their lending rates after RBI Governor Raghuram Rajan expressed strong disappointment over non-transmission of policy rates. Three major banks cut their lending rates by 0.15 to 0.25 percent despite the status quo in policy rate of the central bank. After two cuts in three months, the RBI kept the repo rate unchanged at 7.5 percent on fears of unseasonal rains impacting food prices. The apex bank appealed banks to transfer the benefits of rate cut to consumers. After announcing the cut, SBI Chairman Arundhanti Bhattacharya said that other lenders should follow the move and lower their rates. She also hinted at lowering of deposit rates.