The rule[0] says that you can process the data abroad, including storing it on disk temporarily for purposes of processing, as long as it is deleted within 24 hours. So it's not quite as strict as requiring it be kept in memory the whole time without ever writing to disk, but it does sound like you probably couldn't keep detailed logs.

[0] https://rbi.org.in/CommonPerson/english/Scripts/FAQs.aspx?Id...