Can a NBFC refuse to disburse loan amount after an agreement.

Thank you so much for considering my question, Facts of the matter: I was contacted by a NBFC with an offer for a loan they sent me an agreement in my email which clearly states it is an agreement and uses the words like offer, acceptance, and consent and I was supposed to sign through OTP online and I did that and I was informed that money will be transferred into my account within 48 hours. But nothing happened and after hounding them for a long time I finally got a response from grievance redressal where they said they won't be able to offer me a loan at this moment in accordance with there internal policy and didn't mention anything about the agreement. My question: 1. Is it legal for them to decline to disburse even after forming a valid contract. 2. Are agreements formed by banks for loans subject to contract act. 3. If there is cause should I pursue the matter in front of the banking ombudsman or consumer forum or is there any other remedy available to me.