The Dept of Posts website, http://postagestamps.gov.in/MyStamp.aspx, explains My Stamp as

‘My Stamp’ is the brand name for personalized sheets of Postage Stamps of India Post. The personalization is achieved by printing a thumb nail photograph of the customer images and logos of institutions, or images of artwork, heritage buildings, famous tourist places, historical cities, wildlife, other animals and birds etc., alongside the selected Commemorative Postage Stamp. 

‘My Stamp’ was first introduced in India during the World Philatelic Exhibition, ‘INDIPEX-2011’. There was considerable demand for it during the exhibition and many requests to resume its printing have since been received. This enthusiasm from stamp lovers prompted India Post to extend the ‘My Stamp’ scheme to cover all Postal Circles. This scheme is available in selected Philatelic Bureaux and counters /Important Post offices/Post Offices situated at tourist places. Selected themes are available at selected My Stamp Counters.

I asked for thoughts from experienced philatelists about what they feel about it. Would you collect these stamps? Are these considered proper stamps or do they come under the category of Cinderella stamps?

Peter Leevers, Secretary at The India Study Circle for Philately, writes

Commercialisation of postal stationery has been around for over a century and gives the collector insight into social issues and fashions. What’s really changed the game, in my view, is the ease by which modern digital printing methods make litho colour so cheap. Design for the old methods of intaglio, embossing and letterpress (typo. In the catalog) needed careful preparation. But stamps were produced with, quite literally, a depth that, by its very nature, offset litho never can.

19 Jun 2016 update: Ravinder Kumar commented:

My stamp is purely a commercial venture to make more money for the postal department.
When I went to a PO at Chennai the clerk said that they have some cricket stickers for sale. She showed me the sheet of New Zealand cricket stamps. Honestly she never knew they were stamps. All so called reputed commonwealth nations have also started commercialising their philately by printing in bulk and offering it at much below postal value! Will Australia or New Zealand sell their $1 or other currencies to other governments for 40 cents or 50 cents? But the stamps with denomination of upto $2 are just printed in quantities in sheets like children’s stickers sold in a stationery shop and sold to ‘Big’ reputed dealers and governments to fool and slay the ‘ innocent goat( the novice collector who buys these excessively printed stamps at lower than their postal value from dealers and think that they had a deal by buying it).
Is it possible for the collectors who had spent a few Lakhs in st. Vincent and other islets exotically called manamagua etc who have printed Diana, cricketers, sports cars in quantities to even recover their hard earned money after even 10 years?
Unfortunately many philatelists in India and rest of the world are being taken for a costly ride by Stamp Printers and Big Stamp Dealers and their distributors and retail dealers throughout the world !
😢 come when we think about these innocent philatelic Goats!🐐🐐🐐