Soak saffron in 1 ½ tablespoons of hot milk. Mix it and set a side for 15 minutes to allow saffron to release its color.
Heat a pan and melt two teaspoons of ghee. Add 1 ¼ cup of ricotta cheese and cook in the medium flame stirring often for 10 -11 minutes.
Now add 2 cups of whole milk and chopped nuts. Cook in medium flame for 5 minutes.
Add ⅔ cups of sweetened condensed milk and saffron milk and mix it well. Taste and check for sweetness and adjust accordingly. Now simmer this mixture for 6-7 minutes. Keep the rabdi semi thick, as it thickens further after chilling.
Finally add crushed cardamom and mix.
Chill the rabdi for few hours before serving it. Pairs well with gulab jamun, shahi tukda, jalebi, falooda and malpua.