According to Ayurvedic texts, the herb is a stimulant, astringent, tonic, as well as an aphrodisiac.

Websters Revised Unabridged Dictionary 1913: Malay bambu, mambu.] (Bot.) A plant of the family of grasses, and genus Bambusa, growing in tropical countries.

The most useful species is Bambusa arundinacea, which has a woody, hollow, round, straight, jointed stem, and grows to the height of forty feet and upward. The flowers grow in large panicles, from the joints of the stalk, placed three in a parcel, close to their receptacles. Old stalks grow to five or six inches in diameter, and are so hard and durable as to be used for building, and for all sorts of furniture, for water pipes, and for poles to support palanquins. The smaller stalks are used for walking sticks, flutes, etc.

http://www.hort.purdue.edu/newcrop/duke_energy/Bambusa_arundinacea.html:

Source: James A. Duke. 1983. Handbook of Energy Crops. unpublished.

Very young shoots are consumed as food in some parts of India and China. In raw state, shoots (ca 8 cm in diameter and 37.5 cm long) are very acrid, but with two changes of water in cooking and with addition of salt and butter, they make a pleasant vegetable. Young shoots pickled or made into curries. Wood used by Chinese in household carpentry, furniture, boxes, ornamental vases, scaffolding, etc. Leaves used as fodder. Stems in great demand for manufacture of paper pulp of good quality. Seeds edible and used in times of scarcity of food.

An ointment from the root is said to be a folk remedy for cirrhosis and hard tumors, especially tumors of the abdomen, liver, spleen and stomach (Hartwell, 1967–1971). Tabasheer, a siliceous secretion (up to 97% SiO2), considered aphrodisiac, cooling, and tonic, is used in asthma, cough and debilitating diseases (C.S.I.R., 1948–1976). Leaves given to horses suffering coughs and colds.