Wash and soak the rice for 10-12 mins and later drain the water.
Meanwhile, heat a pan and add ghee. Roast cashew nuts and raisins and keep them aside.
Now, in the remaining ghee, add bay leaf and the soaked rice and coat thoroughly with ghee.
Slowly add milk to the rice and keep stirring under low to medium heat.
The amount of milk will also significantly reduce as the rice cooks. Continue scraping off the milk fat that has accumulated on the sides.
Continue cooking over low heat until the rice is properly done.
Take a grain of rice out of the pan and place it between your thumb and forefinger. If the rice is done, you can mash it almost to a paste.
Stir in the sugar and let it thoroughly dissolve. Cook for a few minutes after adding the sugar because it adds moisture. When the rice is visible, and the kheer has achieved the proper consistency.
Add fried cashew nuts and raisins and allow to stand for 5 to 10 minutes by covering with a lid.
Bengali Chaler Payesh is ready. You can serve it immediately or keep it in the fridge and serve it chilled.