Start the instant pot in sauté mode and heat oil in it. Add mustard and cumin. When cumin starts to splutter, add curry leaves and sauté for 2 minutes.
Add salt, red chili powder, turmeric powder, tomato puree and mix well.
Add soaked black-eyed beans and water.
Change the instant pot setting to manual or pressure cook mode for 15 minutes at high pressure with a vent in sealing position.
When the instant pot beeps, let the pressure release naturally.
Garnish with cilantro and lobia masala is ready to be served.