Pour milk into large bowl, add dry pudding mixes and beat with wire whisk for 2 minutes or until well blended. Let stand 5 minutes.
Arrange half of the wafers on bottom and up side of 2 quart serving bowl; top with layers of half each of the banana slices and pudding. Repeat all layers. Cover with whipped topping.
Refrigerate for 3 hours.
Store leftovers in refrigerator.