Preheat your oven to 350°F (175°C). Crush 2 cups of vanilla wafers and combine them with ½ cup of melted butter. Press the mixture evenly into a 9-inch pie pan. Bake for about 10 minutes until golden brown, then allow it to cool completely.

In a large mixing bowl, whisk together the instant vanilla pudding mix and 1 ½ cups of cold milk until smooth, about 2 minutes. Let the mixture sit for 5 minutes to firm up.

Gently fold in 2 cups of Cool Whip into the pudding mixture until fully combined and fluffy.

Layer banana slices in the cooled crust, pour half of the pudding mixture over, then repeat with another layer of bananas and the remaining pudding mixture.

Cover the pie and refrigerate for at least 2 hours, preferably overnight.

Drizzle caramel sauce over the pie when serving and garnish with extra vanilla wafers.