Crumble the bread in wide bowl. Add milk and sugar to it and mash it well.
Once it is mashed well, add vanilla essence and mix once. Set aside. In a pan, add sugar and water in medium flame, do not stir just swirl continuosly for even heating.
Once the sugar is melted, it will start bubbling then slowly it will change to brown color. See below once it is golden brown switch it off.
Immediately transfer to the pudding setting pan(I used my square cake tin). Tilt so that the caramel is coated evenly on all sides. Then transfer the bread milk mixture. Cover with aluminium foil and prick holes here and there for the steam to escape.
Keep it inside a pressure cooker container water(say 1/2 cup). Close and steam without weight for 15-20mins. Once pressure releases, cool down then refrigerate for 1-2hours. Then run a knife along the sides and invert on a plate. Then cut into squares.
Pour caramel/butterscotch sauce while serving and enjoy the easy and delicious dessert.