Blender alternative tool for 'cut faces tool' of Maya I recently watched a Maya tutorial, (Time- 7:47) where a cylinder is cut diagonally using cut faces tool. 

I am wondering is there a similar tool that exists in blender?

With the Knife tool I cannot diagonally cut/slice the whole circumference of a cylinder.
This is called the knife tool in blender.
Shortcut K by default. You have to be in edit mode to use it.