Make the Saffron Milk. Warm milk in a small pot, then add a couple of pinches of saffron. Once the milk is hot (not boiling), turn off the heat and let the saffron bloom and cool while you prepare the bread.
Make the Ras Malai Nut Bread. In one bowl, combine flour, mawa powder, baking soda, baking powder, cardamom, and salt. In another bowl, whisk together yogurt, oil, melted ghee, sugar, and the cooled saffron milk. Add dry to wet ingredients and mix until just combined - don’t overmix. Fold in chopped pistachios and almonds, then transfer the batter to a greased 8x5” loaf pan. Bake at 350°F for 30–35 minutes, until golden on top.
Make the Saffron Cardamom Milk with Nuts. In a pot, combine milk and evaporated milk over medium heat. Once warm, add saffron, sugar, chopped nuts, and cardamom. Simmer for 8–10 minutes, whisking occasionally. Turn off the heat and let it cool.
Soak & Refrigerate. Once the nut bread has slightly cooled, poke holes all over and pour half the warm saffron cardamom milk on top. Cover tightly and refrigerate overnight with the remaining milk mixture.
The next day, thin the reserved milk with a bit of fresh milk, slice the nut bread, drizzle the milk over each piece, and enjoy!