Railways, whose second innings ended on 471 on the fifth and final day of the match at the Punjab Cricket Association (PCA) stadium, set Punjab an improbable target of 518 runs, which was to be achieved in just less than two sessions of play.
Punjab, who had conceded a first innings lead of 46 runs after being bowled out for 309 in reply to Railways' 355, reached 137 for four in 47 overs before play was called off.
This is Railways' second Ranji title after their maiden triumph in 2002.
It was a frustrating final day for the home side, who were desperate to bowl out Railways as soon as possible to have a go at the target.
But overnight batsman Yere Goud, who hit a fluent unbeaten 138, and the tail-enders ensured that the visitors, who resumed at 362 for eight, batted the opposition out of the match.
Goud, who hit 16 fours and a six in his 288-ball knock, added 42 runs to his overnight score to guide Railways; he got ample support in his endeavour from Harvinder Singh (26) and last-man Madan Yadav (38).
Much to the disappointment of the home bowlers, Goud added 63 and 75 runs for the ninth and tenth wicket respectively.
The hosts, chasing the huge target, had a shaky start, losing their top three batsmen for just 52 runs.
Reetinder Sodhi, who opened the innings, was caught by wicketkeeper Sudhir Wankhede off the bowling off captain Sanjay Bangar for 15 with the team's score 32.
Two runs later Ankur Kakkar (1) was also dismissed by Bangar. The third wicket fell when V Sharma was snared by Madan Yadav after scoring seven.
Though Railways pressed hard for further success, opener Ravneet Ricky came up with a fine 64 off 111 balls to steady the innings.
Ricky departed after offering a return catch to off-spinner Kulamani Parida, but before that he had added 58 runs for the fourth wicket with G Gupta.
When play was called off, Gupta was not out on 27 and captain Pankaj Dharmani on 19.