Mistakenly I pressed yes button in public computer when it asked me to save password for the current user or not. I almost panicked, because I had all the data and information hidden only by that password. Then I bravely clicked on Tools menu of Internet explorer and I finally reset all the saved passwords. Thank god my login is secured now.
May all of you might not know how to remove such passwords when mistakenly saved. Well I think I have the best remedy here, follow these steps.

Internet Explorer 7

To remove a stored password or other stored information in Internet Explorer 7:
From the Tools menu, select Internet Options.

On the General tab, under Browsing history, click the Delete… button. You now have several options:

To delete temporary Internet files (copies of web pages, images, and media that are saved for faster viewing), click the Delete files… button.
To delete cookies, click the Delete cookies… button.

To delete the history (the lists of web sites you have visited), click the Delete history… button.
To delete form data (saved information that you have typed into forms), click the Delete forms… button.
To delete passwords, click the Delete passwords… button.
To delete all of the above, click the Delete all… button.

Click OK twice.

Internet Explorer 6

To remove a stored password or stored form data in Internet Explorer 6:
From the Tools menu, select Internet Options… .

Click the Content tab, and then click the AutoComplete… button.

To remove stored passwords, click Clear Passwords.

To clear stored data that you have entered into forms, click Clear Forms.
Click OK.

OR May be you want to stop recording passwords and information you type in web form, Here are few steps to how to do it,

Internet Explorer 7
Open Internet Explorer.

From the Tools menu, select Internet Options.

Click the Content tab.

In the “AutoComplete…” section, click the Settings button. You now have several options:

To prevent your password from being saved, deselect the User names and passwords on forms checkbox.
To prevent field entries from being saved, deselect the Forms checkbox.
To prevent URLs from being saved, deselect the Web addresses checkbox.

Click OK twice.

Internet Explorer 6
Open Internet Explorer.

From the Tools menu, select Internet Options… .

Click the Content tab.

Click the AutoComplete… button. You now have several options:

To prevent your password from being saved, deselect the User names and passwords on forms checkbox.
To prevent field entries from being saved, deselect the Forms checkbox.
To prevent URLs from being saved, deselect the Web addresses checkbox.
To clear all saved items, except passwords, from the AutoComplete history, click the Clear Forms button.
To clear all passwords, click the Clear Passwords button.

Click OK twice.