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Interesting article, but not so much because of what it says, but because of what it chooses not to say. The article scrupulously avoids making any reference to the growing over-supply of microfinance (the 'bubble') phenomenon in India, a problem especially acute in Andhra Pradesh (the home state of SKS and of the other main MFIs). This is strange, if not a little dishonest, given that the overwhelming global justification for the IPO process is that it will greatly increase the supply of microfinance, which will be good for the poor. Will it, really? In my own short blog on this subject I've tried to be a little more open on this issue and other issues, like private enrichment. Go to - http://blogs.odi.org.uk/blogs/main/archive/2010/08/17/microfinance_SKS.aspx milford