Pagefile sys in windows NT server

In windows NT server on both the drives 'C' & 'D' are having Pagefile.sys which is almost 300MB plus. What is this file and how can we remove or reduce file size?
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  1. You're running NT server (a very obsolete OS) and you don't know what pagefile.sys is?

    It's the swap file for paging memory to disk. You need it. If you don't know what it is, don't mess with it as you will likely make your system unrunnable.
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