The body of the first Assamese actor to win Silver Leopard Best Actor's award at Locarno Film Festival, Switzerland, was brought in a procession to the crematorium.
Bania (73) had died in a private hospital here following prolonged illness, family sources said.
He is survived by his actress wife Minu Bania and a son.
Best known for his performance in Jahnu Barua's 'Halodhiya Choraye Baodhan Khai' (The Catastrophe), which had bagged the Best Feature Film at National Film Awards in 1988, Bania began his tryst with acting as a school student in Nagaon.
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Beginning his film career with Pulak Gogoi directed 'Khoj', Bania acted in over 40 films, including a number of award-winning films, besides directing a few films and plays.
The prominent films are Joubane Amoni Kore, Srimati Mahimamoyee, Sendur, Bohagar Dupariya, Koina Mor Dhuniya, Haladhar and Ekhon Nedekha Nadir Sipare.
Remembered for his unforgettable performance in two acclaimed All India Radio, Guwahati plays 'Govardhan Charit' and 'Moinar Sangbad', Bania is hailed for his comic and serious roles in film, TV and radio plays; besides having been a regular artiste with the AIR since 1964.
Assam Chief Minister Tarun Gogoi, Union Minister Sarbananda Sonowal, Assembly Speaker Pranab Gogoi and several other leaders have condoled the actor's demise.
The film and theatre fraternity mourned the thespian's death stating he has left an indelible mark on the state's cultural arena.
"We all know what was Indra Bania...He was really a very good actor. Assamese film and drama fraternity will never forget his contribution," said noted film director and Producers' Council joint secretary Amarjyoti Deka.