What is the meaning of ی?

The yāʾ ي (y) in the final position, as spelled by the Egyptians and the Sudanese. This was the original form of the letter in final position for both of -ī and -ā, before the creation of ي (y) in the late nineteenth century in the Levant. The continued use of this form long after the creation of ي (y) may be due to Ottoman influence in Egypt where the newer Arabic form was rare and this form was the prevalent. Compare that in Egypt, the Arabic alphabet letters are (still) named based on the Ottoman convention, a practice now almost exclusive to Egypt and Sudan. Electronically, the similar shaped ى is used.

The forty-fifth letter of the Balti alphabet, written in the Arabic script.

I

The forty-eighth letter of the Burushaski alphabet, written in the Arabic script.

The forty-first letter of the Kashmiri alphabet, written in the Arabic script; preceded by ہ and followed by ے.

The forty-third letter of the Pashto alphabet, written in the Arabic script; preceded by ې and followed by ۍ.

The thirty-second and last letter of the Persian alphabet, called یه (ye), یی (yē) or یا (yâ) and written in the Arabic script; preceded by ه.

The thirty-ninth letter of the Punjabi alphabet, written in the Shahmukhi script; preceded by ء (hamzah) and followed by ے (vaḍḍī ye).

The thirty-eighth letter of the Urdu alphabet, written in the Arabic script; preceded by ء and followed by ے.

Source: wiktionary.org