Heat ghee in a large size pressure cooker (I used 5 liter pressure cooker, you can also use a 6 quart one) and stir fry rice for about 2 minutes. Make sure rice do not change in color.
Add milk and boil, stirring frequently.
When the milk boils, close the pressure cooker and cook for 3 whistles or about 8 to 10 minutes in medium heat.
Allow the pressure cooker to cool down.
Once the pressure cooker is cooled, open the lid of the pressure cooker and add the sweetened condensed milk.
Stir well and cook in medium flame for about 5 to 7 minutes. Make sure you stir the kheer continuously to avoid burning.
Kheer is ready to serve after seven minutes of cooking, you can serve it hot or cold as you wish!
The kheer tastes good when it is hot or cold or at room temperature. However, I think it tastes the best when it is chilled.The most important thing that you need to take care of while making this pressure cooker method for making rice pudding or rice kheer (pal payasam) is to use a large sized pressure cooker even if you are making a small amount of payasam, otherwise when the milk boils inside the pressure cooker, it can boil over and create a big mess, so make sure to use large sized pressure cooker. I used a 5 liter pressure cooker to make this amount of payasam as called in the recipe.The kheer is very much sweet and makes a wonderful dessert for lunch or dinner. If you want more sweetness, feel free to add more sugar. You can also fry few raisins and cashew nuts in ghee and garnish the kheer.