Indian navy helicopters and emergency service boats rescued about 700 people.
The passengers were stuck on a train caught in floods near Mumbai on Saturday.
The Mahalaxmi Express left Mumbai late Friday for Kolhapur but got only 60 kilometres (37 miles) before it became stranded in the flooded tracks.
Heavy monsoon rains battered Mumbai.
More than 250 people have died in floods across India in the past two weeks.