Wash rice, toor dal and moong dal and soak them together in water for 20 minutes. Drain and keep aside until needed.
Heat 2 tablespoons ghee in a pressure cooker. Add mustard seeds and let them crackle. Add cumin seeds, cloves, cinnamon, bay leaf, black peppercorn, star anise, dry red chilli and peanuts; and sauté for a minute.
Add chopped onion and sauté until onion turns light brown or for approximately 1-2 minutes.
Add drained rice, toor dal, moong dal, red chilli powder, turmeric powder and salt. Sauté for about a minute.
Add 2 cups water, mix well and close the lid. Pressure cook for 3 whistles on medium-high flame.
Turn off flame and let the pressure inside pressure cooker comes down. Open the lid carefully, about 6-8 minutes.