Detailed Solution:
The correct answer is “Both (A) and (R) are true, but (R) is not the correct explanation of (A)”.
The Asiatic Society of Bengal was established in the period of Warren Hastings and he modestly declined the offer of Presidentship of that learned body in favour of Sir William Jones.
Warren Hastings was himself a great scholar and an ardent orientalist who used to encourage the study of Sanskrit, Persian, and Arabic. However, the reason provided does not directly explain why Hastings declined the presidency of the Asiatic Society in favor of Sir William Jones.