Wash the basmati rice under cold water until the water runs clear.
Soak the rice in water for 30 minutes, then drain.
In a pan, heat the oil over medium heat.
Add mustard seeds and let them splutter.
Add slit green chilies and sauté for a minute.
Add peanuts and roast until golden brown.
Stir in turmeric powder and sauté briefly.
Add the soaked rice and stir gently to coat.
Pour in 2 cups of water and add salt to taste.
Cover and cook until the rice is fluffy and water is absorbed (about 15 minutes).
Once cooked, fluff the rice with a fork and stir in lemon juice and chopped cilantro.