Heat oil in large heavy saucepan over medium heat. Add chopped onion and chilies and stir until onion is translucent. Mix in turmeric and cinnamon. Add rice and stir 2 minutes. Add chicken broth, water, bay leaf and cayenne pepper. Bring to a boil; reduce heat, cover and cook until liquid is absorbed, about 20 minutes. Sprinkle green onions on top before serving