Heat 1 tablespoon oil in a large frying pan over high heat. Fry beef 4-5 minutes (in batches if required), or until browned. Remove from pan. Set aside.
Reduce heat to medium-high. Add 1 tablespoon oil to the pan. Add bay leaves and cinnamon stick. Saute, stirring, for one minute.
Add onions and curry leaves. Sauté, stirring occasionally, for 2-3 minutes or until onions are browned.
Add ginger and garlic. Sauté, stirring, for a minute or until fragrant. Add curry powder. Sauté, stirring, for one minute.
Pour in coconut milk and water. Season with salt. Stir to combine. Simmer for 2-3 minutes.
Add browned beef. Cover and cook for 1 hour or until beef is tender. Stir occasionally, and add more water if needed.