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. India's biggest lender, the State Bank of India has lowered its base lending rate by 0.15 percentage point to 9.85 per cent. The new rate will be effective from the 10th of this month.The private sector HDFC Bank also cut lending rate by 0.15 per cent to 9.85 percent effective from the 13th, while the ICICI Bank announced cutting base lending rate by 0.25 percentage point to 9.75 per cent.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.The cut was announced despite the Chiefs of these banks had earlier said that lowering of interest rate will not be possible just as yet.