What does ticket status RLWL2/RAC4 mean on Indian Railways tickets?

I have booked a ticket from Mumbai to Jaipur and was advised RLWL2/RAC4.

What does this actually mean - will I have a seat?

I did search a lot on the internet but that just described the full form of individual terms. Indian Railways is providing two numbers, hence there should be some logic behind that.

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What is RLWL2?

RLWL2 means total waiting list was two and WL2 means you are standing on 2nd position.

Will RLWL2 get confirmed?

95% Yes. It will be confirmed as we have all the unused quotas in 2 Tier AC.

What is ticket status and current status?

Booking status is status is status of ticket at time of booking. Its never changes and doesn't depends on status of other tickets. Current status is status of ticket at that moment. It changes if there are cancellations, upgradations etc.

What does RLWL 1 GN mean?

If the status is RLWL7 / RLWL 1, then this means that you have a current remote location waiting list of 1 (the latter number). The difference between the two (7 - 1 = 6 in this case) means that 6 passengers who booked before you have already cancelled their ticket.

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