Place the stainless steel inner pot inside the Instant Pot®. Press Saute and add the avocado oil, tomatoes, onion, garlic, and serrano pepper. Once golden brown, add the chick broth.
Close and lock the Instant Pot® lid. Make sure the steam release handle is turned to Sealing. Press Pressure Cook and set time to 5 Minutes.
Once the time is up, press Cancel and turn the steam release handle to Venting. Once all the pressure has been released, open the lid and add the cilantro and chipilín. Using an immersion blender, blend everything (or put it in a conventional blender). Add the chicken, check for salt, and set aside.
Add the lard to a bowl and, using a mixer, mix until smooth. Add the flour and chicken broth little by little. Add the salt and baking powder. You should get a soft dough. Set aside.
Spread out a banana leaf and place a spoonful of masa on it. Top with chicken and cover with more masa if necessary. Wrap the tamale in the leaf.
Insert the rack and add 1 cup water. Place the tamales on top of the rack.
Close and lock the Instant Pot® lid. Make sure the steam release handle is turned to Sealing. Press Pressure Cook, pressure level High, set for 35 Minutes.
Once the time is up, press Cancel and turn the steam release handle to Venting. Once all the pressure has been released, open the lid and let cool a bit before removing.