Set your instant pot to the "sauté" setting and drizzle the bottom of the pot with a thin layer of olive oil.
When the oil is hot, add in the rice, onion, garlic, turmeric, cumin, salt, and pepper. Cook for 3 to 5 minutes, stirring every so often so the onions and rice don't stick or burn.
When the onions are translucent, add in the broth and bay leaf. Stir to combine.
Cover the pot and switch the valve to the "sealing" position. Pressure cook on high for 4 minutes.
When the timer is up, allow the pot to naturally release for about 10 minutes before carefully switching the valve to "venting" and manually releasing any remaining pressure.
Remove the lid and gently stir the rice so it doesn't stick to the bottom of the pot. Remove the bay leaf before serving.