The main objective of the present paper is to introduce and study the function $_pR_q(A, B; z)$ with matrix parameters and investigate the convergence of this matrix function. The contiguous matrix function relations, differential formulas and the integral representation for the matrix function $_pR_q(A, B; z)$ are derived. Certain properties of the matrix function $_pR_q(A, B; z)$ have also been studied from fractional calculus point of view. Finally, we emphasize on the special cases namely the generalized matrix $M$-series, the Mittag-Leffler matrix function and its generalizations and some matrix polynomials.