Engineering Thermodynamics
In order that a cycle be reversible, following must be satisfied

When heat is being absorbed, temperature of hot source and working substance should be same
When beat is being rejected, temperature of cold source and working substance should be same
All of these
Free expansion or friction resisted expansion/compression process should not be encountered

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Engineering Thermodynamics
The thermodynamic difference between a Rankine cycle working with saturated steam and the Carnot cycle is that

A Rankine cycle receives heat at two places
Rankine cycle is hypothetical
Carnot cycle can't work with saturated steam
Heat is supplied to water at temperature below the maximum temperature of the cycle

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