Which one among the following regarding G-20 is not correct ?

The G20 is an informal forum for international economic cooperation and is not an integral part of the United Nations [4]. While it maintains a relationship with the UN through dialogue and participation of UN representatives in its summits, it remains an independent grouping [2]. Regarding the other options: the G20 is not just a group of developed countries; it was established in 1999 to bring together both industrialized and developing economies [1]. It operates outside the formal structures of the Bretton Woods institutions (World Bank and IMF), although it works closely with them to manage the international financial architecture [4]. Finally, the G20 is considered an offshoot of the G7, as it was created at the initiative of G7 finance ministers to include major emerging economies in global economic governance following the 1990s financial crises [1].

Sources

1. [4] https://www.cfr.org/backgrounder/what-does-g20-do
2. [2] https://www.mfa.gov.sg/about-mfa/foreign-policy/international-organisations/group-of-twenty-g20/
3. [1] Indian Economy, Nitin Singhania .(ed 2nd 2021-22) > Chapter 18: International Economic Institutions > B G₂₀ > p. 547