Microwave 2 Tbsp. butter, caramels and 1/4 cup milk in small microwaveable bowl on HIGH 2 min. or until caramels are completely melted and mixture is well blended, stirring after each minute.
Mix flour, sugar, baking powder and salt in large bowl; set aside. Microwave remaining butter in medium microwaveable bowl on HIGH 30 sec. or until melted.
Add remaining milk and eggs; whisk until blended. Mash 1 banana.
Add to egg mixture; mix well.
Add to dry ingredients; stir until blended.
Ladle batter onto hot griddle or into hot skillet sprayed with cooking spray, using 1/4 cup batter for each pancake; cook until bubbles form on tops, then turn to brown other sides.
Slice remaining bananas.
Serve pancakes topped with sliced bananas and caramel sauce.