There are multiple challenges for PNB at this point of time. Firstly, it needs to get a full hang of its NPAs and the situation could only worsen as the lockdown continues for another fortnight. Secondly, the impact of the merger also needs to be seen as PNB itself is relatively weak and the merger of another two weak banks like OBC and UBI will add to the pressure on the bank. It may actually be too early to jump in and buy PNB at this point of time. Instead if you want to PSU banks, you can opt for SBI, which is also cheap post corrections.