Boil the milk in a heavy bottomed pan. Lower the heat and keep stirring on low heat till reduced to 400 ml Add sugar and keep stirring till the sugar is dissolved. Remove from heat. When cool, chill the thickened milk. Place all the ingredients, except the ice, in the blender. Blend well. Add the ice and blend again. Add more ice only if the milk shake is too thick and you want thinner consistency.
Strawberry milk shake: Omit the bananas and add 20 to 24 fresh strawberries. Proceed as above.
Pineapple milk shake: Substitute the banana with one can of pineapple along with the syrup. Proceed as above.