At one stage Rajasthan looked as though they might snatch victory but a late collapse ended their unlikely aspirations of overcoming Mumbai’s huge total of 202.
After being put into bat, Mumbai opener Dwayne Smith picked up from his impressive semi-final exploits with an assured 44 before skipper Rohit Sharma smashed a 14-ball 33 to help his side to 152 for four after 17 overs.
Mumbai then struck 50 runs in the final three overs to set their opponents a daunting target but, to their credit, Rajasthan responded superbly with Ajinkya Rahane and Sanju Samson putting on a century partnership as they raced through the opening 11 overs.
But the wicket of Samson sparked a collapse in the Rajasthan ranks as they fell from 117-1 to 169 all out in just 43 balls.
“It was a great performance today to get to 200,” said Champion of the Series, Smith.
“It's good to keep winning. It's always a good atmosphere anywhere in the world and especially in India.”
Rajasthan captain Rahul Dravid added: “How good were Ajinkya Rahane and Sanju Samson in that partnership?
“We probably gave them too much to do and Mumbai deserve to win this tournament.”