Rain continued to lash the PCA stadium and even when it stopped, the ground conditions were not suitable for play.
The two captains could not even walk in for the toss.
If rain does not come down again, the umpires will try to make up for the lost time by having an early start.
In an earlier Group stage encounter between the two sides, Harbhajan Singh-led Punjab were comprehensively beaten by Karnataka in Hubli last month.
Karnataka, who were ousted in the quarter-final stage in 2012-13, would like to move a step closer to their seventh title.