FIRST: EVERYONE should read Autobiography of a Yogi by Yogananda
http://www.yogananda.net/ay/
! GREAT BOOK !
2nd: Yes, I believe Babaji is alive and well, in the Himalayas ~ A fully enlightened Christ Being holding the balance for humanity until they have taken up their rightful place as co-creators that can create enough Light themselves to hold the balance for their own planet ~ I strongly suggest Babaji will be a part of the team of Beings that will help raise the consciousness of planet Earth in the near future ~
(the majority of the team however, will be people like you and me who decide to go all the Way and BE reborn into the reality of who we are in Oneness with All Life rather than the illusion of who we are separate from it.)