Place bananas in a medium bowl. Pour orange juice over bananas, and stir gently.
Prepare vanilla pudding according to package directions in a large bowl using low-fat milk. Cover and chill 5 minutes. Stir in whipped topping.
Drain bananas, discarding juice. Layer pudding, vanilla wafers, and banana slices in 10 (6-oz.) glasses. Chill 2 hours.
Note: To serve family style, layer one-fourth each of vanilla wafers, bananas, and pudding mixture in a 3-qt. glass bowl. Repeat layers 3 times, ending with pudding mixture. Cover and chill 2 to 24 hours.