Select sauté on the instant pot and adjust to normal. Add oil to the pot. When the oil is hot add cumin seeds. When the cumin seeds splutter, add the diced onions and ginger garlic paste.Stir occasionally to prevent the onions from burning.
When the onions turn golden in roughly 2 to 4 minutes add the spices (Kashmiri chili powder, ground cumin, ground coriander, ground turmeric, and garam masala). Add 1/2 cup water and give it a good stir. Let the spices saute for a minute or two.
Then add pureed tomatoes. Let the tomatoes saute for a minute or two to let the raw tomato odor out. Give it a good stir. Add salt and give it a good stir.
Add paneer, bell pepper, dried mint leaves, and 1/4 cup water. Stir gently.
Press cancel. Secure the lid on and select manual/high pressure for 1 minute. When done quick release the pressure. Garnish with cilantro. Transfer to a serving bowl immediately. Serve with tortillas or naan (Indian flat-bread), or over steamed rice.