1. Sprinkle gelatin over 1/2 cup of the apricot nectar in small saucepan; let stand for 5 minutes to soften. Place over very low heat just until gelatin is dissolved.
2. Stir in remaining apricot nectar, the drained apricots, diced banana and grape halves. Pour into 4-cup mold; chill until set, about 2 hours. Dip mold into hot water and invert onto serving platter; shake to release mold.