Heat oil and butter in a pan. Add cumin seeds, bay leaves, cloves, and cinnamon.
Sauté onions until golden brown. Add ginger-garlic paste and cook till raw smell goes away.
Add tomato puree and cook until the oil starts separating.
Stir in turmeric, chili powder, coriander powder, and salt. Cook for 2–3 minutes.
Add cashew paste and cook for another 3–4 minutes.