Bandi is actually an Urdu word. Most of the words that are popularly known as Hindi are in fact Urdu. People of the sub-continent now a days speak Urdu which sometimes incorrectly called Hindi.
Bandi literally means "Woman". In modern day language, it used as a slang for a lady, woman or a girl. It is not offensive rather a bit casual way to refer to a person.
The male counterpart is "Banda"
It would be wrong to say most of the words are Urdu. Indian language in Nort India also got influenced by the language of the Rulers that was Pharsi and a new language was born called Urdu. It is a mix of Hindi, Sanskrit and Pharsi.
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