Given,
$\overrightarrow r=4t^2~\hat{i}+3t^2~\hat{j}$
We know that,
$\overrightarrow v=\dfrac{d\overrightarrow r}{dt}$
$\overrightarrow v=\dfrac {d(4t^2~\hat{i}+3t^2~\hat{j})}{dt}$
$\overrightarrow v=8t~\hat{i}+6t~\hat{j}$
at $t=2~\text s$,
$\overrightarrow v=16~\hat{i}+12~\hat{j}$
Magnitude of velocity at $t=2~\text s$,
$|\overrightarrow v|=\sqrt{16^2+12^2}=20~\text {m/s}$
Hence, option $\text {(B)}$ is the correct answer.