The Word "Punjabi" means What?

You are correct.......................in that context

what I mean just like "Punj" "Ab" is a combination of two Farsi words

similarly..............

"Punj" "Abi" is also combination of two Farsi words

Where "Abi" in Farsi is the "Color BLUE"

so Panjabi can also mean.............

Five Blues.................:D