In this case, the charges are symmetrically placed on the two halves of the ring, and their electric fields at the center will cancel out in the directions perpendicular to the line joining the charges. Thus, the resultant electric field at O is along the axis OC, as the symmetry of the charge distribution ensures a non-zero field in this direction.
However, the net potential at O is indeed zero. This is because the potential due to positive charges and negative charges at the center of the ring cancels out symmetrically, leaving the potential at O to be zero. Therefore, the reason given in (R) is incorrect.
Thus, the assertion (A) is true, but the reason (R) is false.