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Just for the record, the first link misspells the name in Bengali to the extent a name can be said to have a conventional spelling. It should be ঈপ্সিতা and not ইপ্সিতা, the difference is in the length of the first vowel. In the original Sanskrit word, this is a long -i- (as in English "heat"), but vowel length is no longer a feature of standard modern Bengali, almost all non-dipthongs are pronounced short. The script still preserves the difference, but misspellings are therefore common.

Yes it is straight from Sanskrit. The root Ap (with cognates in Latin, Greek, etc.) means to reach or obtain. The -s- is a desiderative verbal stem modifier, so Ips means to wish to obtain, in other words, to desire. the -ta forms a participle and the -A is a femininizing suffix, so IpsitA is a woman who is desired.