Soak the basmati rice in cold water for 15-30 minutes. Drain, rinse and set aside.
Press the sauté button, add the oil and allow it to heat up for a minute. Add the cumin seeds and once they begin to brown, add the cardamom, cloves, bay leaf and cinnamon stick. Give everything a quick stir, then add the diced onion.
Stir-fry for 6-7 minutes, or until the onion begins to brown. Then add the rice, peas, water and salt. Mix well.
Secure the lid, close the pressure valve and cook for 6 minutes at high pressure.
Naturally release pressure for 10 minutes. Open the valve to release any remaining pressure.
Fluff the rice with a fork and serve.