In a mixing bowl, combine cornflour, all-purpose flour, ginger-garlic paste, soy sauce, red chilli powder, cumin powder and salt. Mix well and add water to make a thick batter.
Heat oil in a pan or wok over medium-high heat.
Dip the paneer cubes in the batter and carefully place them in the hot oil. Fry until golden brown, then remove and place on a paper towel to absorb excess oil.
In the same pan, add a little oil and stir-fry the diced onion, green chillies and capsicum until slightly softened.
Add the fried paneer cubes to the pan and stir well to combine with the vegetables.
Serve hot as a snack or side dish.