Correct option is B
Assertion (A): Mumbai is indeed called the financial capital of India because it is the center of major financial institutions like the Reserve Bank of India, the Bombay Stock Exchange (BSE), the National Stock Exchange (NSE), and the Securities and Exchange Board of India (SEBI). It also houses headquarters for numerous Indian and multinational companies and is home to Bollywood, India’s largest film industry.
Reason (R): As per the 2011 Census, Mumbai was the most populous city in India, with a population of approximately 12.4 million people. However, this fact about population is not directly related to Mumbai being the financial capital of India.