Step 1: Understanding the Concept
Oils and fats are esters of glycerol with long chain fatty acids.
Step 2: Reaction
Boiling them with aqueous NaOH or KOH hydrolyses the ester bonds. This gives glycerol and sodium or potassium salts of fatty acids, which are soaps.
Step 3: Name of the process
This alkaline hydrolysis of fats is called saponification.
Final Answer:
The process is called saponification.
\[ \boxed{\text{(C) }\text{Saponification}} \]