Banks and forward Shawn Marion were acquired from Miami in a Feb. 13 trade that sent center Jermaine O'Neal and forward Jamario Moon to the Heat. Banks appeared in six games for Toronto before being sidelined by a bone spur in his big toe. He has not played since March 11.
A six-year veteran, Banks is averaging 2.5 points and 1.3 assists.
Douby played in 20 games for Sacramento this season, averaging 4.2 points and 1.2 rebounds. He was released Jan. 21 and joined the D-League's Erie BayHawks.
A three-year veteran, Douby will be available when the Raptors host Milwaukee on Wednesday night.