Incessant rain since early morning drenched the Ruhul Amin stadium and pools of water formed over the plastic covers which had not been removed at the scheduled start of 9:45 am (0345 GMT).
The teams remained in their hotel as the ground staff, facing the arduous task of drying the muddy field, waited for the weather to relent.
A brief shower during the lunch break on the first day had curtailed play by an hour. More rain has been forecast over the weekend.
India were due to resume at their overnight score of 295-3 with Sachin Tendulkar unbeaten on 80 and Sourav Ganguly on 82.
Bad weather over this port city had also forced Tuesday's third and final one-day international to be abandoned without a ball being bowled.