Welcome to the MongoDB Community @Vikram_Singh!
Unless your computer has multiple network interfaces (i.e. 10.0.1.1 and 10.0.1.2 are both local network interfaces on the host for your mongod instance), this configuration will not work. The bind IP directive determines which local network interfaces a mongod process will listen to.
If you review the MongoDB log file you will likely find a message like:
Failed to set up listener: SocketException: Can’t assign requested address
For more information, please see my post on I can't set bindIp - #2 by Stennie_X.
Regards,
Stennie