The bank got its best known award on 13 October 2006 , when the Nobel Committee awarded Grameen Bank and its first member , Muhammad Yunus , the 2006 Nobel Peace Prize `` for their efforts to create economic and social development from below . '' However , the greatest recognition of the bank 's achievements came on October 13 , 2006 , when the Nobel Committee awarded Grameen Bank and its founder , Muhammad Yunus , the 2006 Nobel Peace Prize `` for their efforts to create economic and social development from below . ''