In large bowl, combine sweetened condensed milk and water.
Add pudding mix; beat well.
Chill 5 minutes.
Fold in whipped cream.
Spoon 1/3 pudding mixture into 2 ½ quart glass serving bowl.
Top with ½ each wafers and bananas.
Finish with remaining 1/3 pudding.
Chill thoroughly. Refrigerate leftovers.