Objective: To evaluate perceptions and challenges regarding the National Medical Commission-mandated Mentor-Mentee Programme among undergraduate medical students and faculty in Prayagraj, India. Methods: An observational, cross-sectional mixed methods study was done between August 2025 and January 2026 at the United Institute of Medical Sciences. Employing universal sampling, pre-validated semi-structured questionnaires were filled by 411 MBBS mentees and 103 faculty mentors. Quantitative data were analysed using descriptive and inferential statistics, whilst qualitative responses underwent thematic analysis. Results: Despite 89.5% of mentees confirming mentor assignment, 71.8% reported no meetings in the preceding six months. Overall satisfaction was low, reported by only 26.8% of mentees and 36.9% of mentors. Both cohorts strongly acknowledged the program's intrinsic conceptual value for academic guidance and emotional support. However, significant implementation barriers were identified: time constraints dominated qualitative themes (comprising 50–60% of reported problems), followed by the absence of structured schedules (agreed upon by 64.5% of mentees), and inadequate institutional support. Consequently, 55.7% of mentees perceived the initiative as existing solely "on paper". Mentors echoed these logistical hurdles, with 46.6% reporting infrequent or no interactions with their mentees. Conclusion: While theoretically valued, the current mentoring program functions nominally rather than practically due to systemic and logistical barriers. Optimising this initiative demands urgent institutional reforms, including mandatory, timetabled sessions, digital communication tools, and robust oversight mechanisms to support holistic student development.