The state-owned lender had posted a loss of Rs 4,532.35 crore during the same quarter a year ago.

Merger will make the new entity the second-largest bank in the country after the SBI with a total business volume of Rs 18 lakh crore.

PMC Bank came under stress due to alleged financial irregularities forcing the RBI to impose restriction on it.

The lender has invited bids from asset reconstruction companies (ARCs)/ NBFCs/ banks/ financial institutions for 11 NPA accounts.

All the general secretaries of all banks' officers associations will meet there and finalise the action program to oppose the merger.

The board shall consider capital infusion up to Rs 18,000 crore in its meeting scheduled on September 5, 2019, PNB said.

The government on Friday unveiled a mega plan to merge 10 public sector banks into four as part of plans.

At present, the case is at NCLT which is in advance stage and the Bank expects good recovery in the account.

PNB has been defrauded of over USD 2 billion in a separate scam that came to light last year.

RBI imposed a penalty of Rs 1.75 crore on four public sector banks, including PNB and UCO Bank.