Hii Kartik,
You could do it in two steps:
remove = [k for k in mydict if k == val]
for k in remove: del mydict[k]
My favorite approach is usually to just make a new dict:
# Python 2.7 and 3.x
mydict = { k:v for k,v in mydict.items() if k!=val }
# before Python 2.7
mydict = dict((k,v) for k,v in mydict.iteritems() if k!=val)
Thank You!!