Though bamboo is a very resilient and strong material, it is fragile as well. One hard knock, a little rough treatment and there is a danger of your Bansuri developing a crack. There a couple of maintenance tips you can follow to ensure a long and mellifluous life of your Bansuri.
These tips apply to my other flutes like Carnatic and World flutes also.
Protect your Bansuri from Shocks: Thermal and Physical The main way in which bamboo flutes fail is through cracking. Bamboo flute's body is composed of thousands of longitudinal fibers running across the length of the bamboo. A little crack at one point may not take much to propagate along the whole length. Cracks are caused more often than not by exposure to extreme temperatures, humidity & hard knocks.
In the long run, oiling helps to protect the bansuri against the effects of repeated moisture and humidity fluctuation. Oil, preferably Mustard oil, should be applied to the inside of the flute and to the point just below the blow-hole. To apply oil to the interior, some sort of home-made swabbing device may be employed to reach up into the bore. Example: A swab of oil-saturated (but not dripping) cloth is tied/fastened to an ordinary wooden dowel. Alternatively, use a venetian blinds wand. It is usually 3 feet long and has an eyelet at one end through which you can pass a strip of cloth. Extra length of the cloth can be held down with a rubber band.
Points to remember when oiling your Bansuri
Despite all TLC (tender loving care) bansuri bamboo can still develop a crack sometimes. Even though, at first the crack may not seem to affect the sound at all, the crack can propagate quickly and diminish the quality of sound. So the best course of action would be to repair and control the crack at the earliest.
Here's a video showing in detail how to put thread bindings on your bansuri.