Which of the following financial activity cannot be outsourced by an NBFC?

NBFCs which choose to outsource financial services shall, however, not outsource core management functions including Internal Audit, Strategic and Compliance functions and decision-making functions such as determining compliance with KYC norms for opening deposit accounts, according sanction for loans (including retail loans) and management of investment portfolio. However, for NBFCs in a group/ conglomerate, these functions may be outsourced within the group subject to compliance with relevant instructions. Further, while internal audit function itself is a management process, the internal auditors can be on contract.