The language isn't Hindi, the official language of India. To me it looks like maybe Thai, though it might be some other Southeast Asian language. The portrait looks like a Buddhist monk and the leaf is the shape of a leaf from the Bodhi Tree, sacred to Buddhists. So my guest is that it commemorates an honored monk. Sorry I can't help further.
I saw a medallion with rather similar obverse lettering - described as
'Commemorative medallion of Asian Buddhist figures'
but this has a different reverse. Still, it's a start ...