POUR 3-1/2 cups of the milk into large bowl. Add pudding mixes. Beat with wire whisk 2 minutes or until well blended. Let stand 5 minutes.
ARRANGE layer of wafers on bottom and up side of 2-quart serving bowl; drizzle with 2 Tbsp. of the remaining milk. Add layer of banana slices; top with 1/3 of the pudding. Repeat layers, drizzling wafer layer with remaining milk and ending with pudding. Spread whipped topping over pudding.
REFRIGERATE 3 hours or until ready to serve.