Wash basmati rice and soak in water for at least 30 minutes.
Heat oil in a heavy bottomed pan; add cinnamon stick, cloves, cardamom and bay leaf. Cook till the spices are fragrant, about 30~45 seconds.
Add the onions, green chilies and ginger-garlic paste. Cook till the onions are browned around the edges.
Stir in the methi & pudina (mint) leaves. Mix well, cover and cook till the greens are wilted, about 3~4 minutes.
Drain the water from the rice and add to the pan. Mix well to coat the grains with the spices and the greens. Cook for 2~3 minutes.
Add the coconut milk and 1cup of water. (Adjust the amount of water depending on the rice that is being used.)
Bring the mixture to a boil, lower the heat, cover and cook until all the water is absorbed and the rice is tender. Turn off the heat and keep the pan covered for at least 5~10 minutes before digging in.