HEAT oil in large nonstick skillet on high heat. Add next 6 ingredients; cook and stir 5 min. or until paneer is lightly browned and onions are crisp-tender.
MEANWHILE, mix cornstarch and water in medium bowl until well blended. Add remaining ingredients; mix well.
ADD cornstarch mixture to skillet; cook and stir 30 sec. to 1 min. or until sauce is thickened.
serving size = 1/2 cup (125 mL)